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The Best Housing Markets in America

2011 is not a good year for the housing markets in the United States. It is anticipated that real estate prices will fall an additional 2.5% in the second half of this year. The high foreclosure rates, high unemployment rates and low consumer confidence has a continuing negative effect on the real estate market. However, there are some markets that are expected to perform well this year. The five metropolitan areas that anticipate having the price of residential real estate go up are Washington D.C., Orlando, Dallas, San Francisco and New York City.

There tends to a be a positive up tick in the real estate market in the summer. The warm weather allows people to go outside and shop around for homes, co-ops and condos.

Distressed Home Sales

Before the housing market started to fail, distressed home sales related to foreclosures were a very small part of the real estate market. Today, bank owned homes represent approximately a third of all total sales of residential real estate. When you compare this to the year 2005, where distressed home sales were less than 5%, you see an enormous jump. In the year 2010, 1.7 million homes were considered distressed home sales.

Will Home Sales Bottom Out In 2011?

Some real estate experts believe that home sales will reach their lowest point in the first quarter of 2012. The Federal Reserve feels that the jobless rate will dip below 8% in 2012 and that the growth domestic product will increase from 3.3% to 3.7%.

Foreclosure Defense

If your house is being foreclosed or threatened to being foreclosed upon, call us, we can help you. We can attend foreclosure court conferences on your behalf. We can submit an answer to your foreclosure proceeding that can include defenses involving defective mortgages, defective foreclosure lawsuits, predatory lending and other real estate related defenses. We are knowledgeable about federal laws and foreclosure. We will provide you at the time of the initial consultation with all of your foreclosure options. These options will include foreclosure related bankruptcies. The filing of either a Chapter 7 or Chapter 13 bankruptcy will stop foreclosures from moving forward. Filing a bankruptcy will also stop debt collectors and collection lawyers that may be harassing you. There are many bankruptcy myths that are untrue. Bankruptcy will not permanently destroy your credit. We will be able to help you re-establish credit after filing a bankruptcy.

Call us for a free consultation, we can help you. Thank you for visiting our foreclosure blog.

Sarah Palin Buys Foreclosed Home in Arizona

Sarah Palin can be added to the long list of mortgage fraud victims! Palin bought a home in Scottsdale, Arizona, for 1.7 million dollars. She recently found out that her title to the home may be invalid.

Robo-signers

The robo-signer scandal involved banking institutions and mortgage companies that took title to homes without having the proper documentation. The five bedroom home bought by a company Sarah Palin had an interest in was acquired by the mortgage company through fraudulent or tainted documents. A close examination of the title documents to the property have revealed there were two fraudulent signatures involved in re-financing and foreclosure transactions with regard to this parcel of property. These two questionable issues concerning the property have raised the prospect that the mortgage company that sold the property to Sarah Palin didn’t have good title to the property. It is expected that there will be significant litigation, that will take years to straighten out, as to whether Sarah really is the owner of this property.

Conclusion

When you buy a foreclosed property, make sure you obtain title insurance. If you cannot get title insurance on the property, you are taking the risk that the property you thought you owned is owned by someone else!

Foreclosure Defense In New York

If your house is in foreclosure, we can help you. We’ve been fighting foreclosuresfor more than two decades. We litigate defective mortgages, defective foreclosure lawsuits, predatory lending, violations of federal laws and other real estate issues. We can help you obtain mortgage modifications and we can counsel you concerning mortgage modification programs that fail to meet your needs.

We also assist our clients with foreclosure related bankruptcies. These bankruptcies can either be a Chapter 7 or Chapter 13 bankruptcy. We will explain to you why filing bankruptcy may be the best route to deal with your foreclosure issues and the types of bankruptcies that are available to you. Filing the bankruptcy stops foreclosure proceedings from moving forward. It also stops other debt collection activities involving credit cards and other debts.

Feel free to schedule a free consultation. We will explain your foreclosure optionsto you. Thank you for visiting our foreclosure blog.

Contact Us For a Free Consultation: We Can Save Your Home!

appraisalLow Appraisals

The real estate crisis in America has caused Financial Institutions to become very conservative with regard to approving mortgages for prospective homeowners. Bankers have put pressure on the appraisers they use to be very conservative in the valuation of homes. Restrictive loan underwriting requirements are causing many homes to be valued at 15 to 20% less than the actual market value. This has resulted in prospective home purchasers backing out of real estate deals due to a lower than anticipated appraisals.

Real Estate Appraisal Problems

During the days of the real estate boom, financial institutions accepted appraisers’ inflated home values so the prospective purchasers could obtain larger mortgages. Since the time the real estate bubble burst, new home purchasers have found that the appraisers working for financial institutions are now under valuing homes. In April of 2011, the medium national home price in the United States was $163,700. This was a 5% reduction from the median value of a single family home since April, 2010.

lawForeclosure Lawyers

Our law office can help you save your home. We fight foreclosure proceedings!!! We help our clients obtain mortgage modifications. We litigate defective mortgages, predatory lending, bad faith, defective foreclosure lawsuits and real estate issues. We are familiar with the State and Federal laws the banks must comply with in foreclosure proceedings. We attend court conferences for our clients and we try to motivate the financial institutions to enter into mortgage modification programs with our clients. Sometimes we advise our clients to file either a Chapter 7 or Chapter 13 bankruptcy, which immediately stops foreclosures from moving forward. We also can assist our clients in re-establishing their credit after filing for bankruptcy. Contact us for a free consultation. Thank you for visiting our foreclosure blog.

Foreclosure Crisis Continues

Foreclosure Crisis ContinuesForeclosure rates are going down. April of 2011 was the seventh month in a row that the number of homes that banks and other financial institutions initiated foreclosures against declined. There were 34% less foreclosure proceedings brought in April of 2011 than in April of 2010. Although this seems like good news, it is not! Rick Sharga of Reality Trek recently stated that, even with the decline in the foreclosure rates, there were still 225,000 foreclosures initiated during the month of April. There are more than 3.7 million families that are more than 90 days behind on their mortgage payments. In the past, almost all of these homes would have been put into foreclosure. However, the large majority of these homes are still not in foreclosure. Banks are under a microscope by regulatory agencies concerning their foreclosure procedures. They are now making sure that they “dot their i’s” and “cross their t’s” on all new foreclosure proceedings they initiate.

Saturated Real Estate Markets

The current level of foreclosures have saturated most of the real estate markets in the United States. The banks are slowing down their foreclosure procedures to avoid having a further negative impact on the homes that are already on the market waiting to be sold.

Mortgage Modification

Due to the concern by many large financial institutions about further flooding of the real estate market, they have liberalized some of their programs on mortgage modifications. In March of this year, more than 75,000 mortgage modifications were granted by financial institutions. This represented a 26% increase in the number of new mortgage modifications approved by banks since February of 2011.

Declining Home Prices

As home prices continue to decline, more and more homes become under water (worth less then the amount of their mortgages). This unfortunately creates an incentive for mortgage holders to default on their loans and walk away from their homes. It is estimated that approximately 30% of all single family homes in the United States are currently under water. If banks put more homes into foreclosure, the number of homes that are worth less than the amount of the mortgages on them will increase and continue to accelerate the downward spiral in home values. Some experts are predicting that home values will decrease in 2011 by 7% to 9%.

Conclusion: The Housing Crisis is Far From Over

It is estimated that the market for single family homes will not return to a normal housing market until 2014!

Foreclosure Defense

The Law Offices of Schlissel DeCorpo is considered by many to be the premier foreclosure defense law firm in the Metropolitan New York area. We represent our clients concerning mortgage modifications and we deal with mortgage modification programs that fail. We litigate all aspects of foreclosure defense including, but not limited to, defective mortgages, defective foreclosure lawsuits, predatory lending and other real estate related defenses. We attend foreclosure court conferences for our clients. At the time of the initial consultation, we provide our clients with all foreclosure options, which also includes discussion of filing Chapter 7 and Chapter 13 bankruptcies, which stop foreclosures upon the filing. Feel free to call for a free consultation. Thank you for visiting our foreclosure blog.

Foreclosure Abuses

The Attorney Generals in all fifty states have been involved in litigation concerning the foreclosure practices at the largest banks in the United States. When these investigations by the State Attorney Generals were initially announced, homeowners who had been defrauded and abused by financial institutions they placed trust in were expecting justice.

Settlement Proposal

There has recently been a settlement proposal made to America’s largest banks. The Republicans in the United States Senate and House of Representatives feel that the Attorney Generals are asking much too much from the banks. The proposal includes needed reforms. It would require financial institutions and banks to stop foreclosure proceedings while a loan modification is pending. It will also be necessary for the financial institutions to eliminate red tape, simplify the loan modification process, properly fund it and speed it up.

The purpose of this settlement proposal is to shield the financial institutions from future lawsuits involving illegal, improper mortgage and foreclosure practices. Although it is a good idea to have one global settlement with the financial institutions, the settlement should not be too generous. Banks have been involved in numerous improper mortgage and foreclosure practices. They have filed false court documents to speed up foreclosures. They have utilized robo-document signers. They have brought foreclosure proceedings when mortgages have been paid. They have charged excessive fees. They have not provided loan modifications pursuant to the federal loan modification programs. They have had conflicts of interest and they have favored foreclosures over loan modifications.

Bank Misbehavior

Banks have gotten away with bad behavior, which has victimized consumers for much too long. The foreclosure crisis in the United States was caused by greed on behalf of the banks! A settlement concerning the foreclosure abuse by financial institutions should be of a nature as to reform the banking industry regarding mortgage modifications, mortgage and foreclosure practices and rectify the bad past practices.

Foreclosure Defense for New Yorkers

We provide foreclosure defense for New Yorkers. We assist New Yorkers with mortgage modifications and mortgage modifications programs that fail. We file Chapter 7 and Chapter 13 bankruptcies on behalf of our clients. We explain why bankruptcies should be filed to our clients. We deal with re-establishing credit when necessary. We can stop foreclosures from moving forward. We attend foreclosure conferences in the state courts in New York for our clients. We provide foreclosure defense and litigate defective foreclosure lawsuits, predatory lending, real estate issues, bad faith by financial institutions and defective mortgages. We maintain a foreclosure blog which is updated on a weekly basis. Call us should you have foreclosure or bankruptcy problems. We can help you!

Foreclosure Defense in Valley Stream, Lynbrook, Baldwin, Malverne, Freeport, Oceanside, Long Beach, Elmont, Lakeview, West Hempstead, Hempstead, Merrick and Bellmore, New York

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