Home Builders Assessment of Real Estate Industry is Full of Gloom

The real estate industry in the United States is doing poorly. Home builders are pessimistic with regard to the housing market in the United States. The National Association of Home Builders has recently put out an announcement that the sentiment among home builders in August of 2011 is extremely negative.

In 2011, the number of new homes built in the United States fell to its lowest level since records were maintained. Home builders cannot compete with the glut of foreclosed homes on the real estate market. It is less expensive to buy a home that was taken over by a bank in foreclosure than to build a new home. Homeowners who want to sell their existing homes and buy a new home cannot find buyers for their existing homes.

Although the sale of newly built homes is a very small portion of the real estate market, it has an significant impact in the economy in local areas. Three jobs are created for each new home being built for a period of one year. In addition, each new home built generates approximately $100,000 in real estate taxes.

Dave Crowe, an economist working with the National Association of Home Builders stated that the weakening of the U.S. economy, coupled with the high unemployment, is having a devastating effect on the marketplace for new home purchasers. The record low interest rates have not been enough to simulate the market place for the building of new homes.

Foreclosure Defense Lawyers

We can keep you and your family in your home. We provide foreclosure defense and bankruptcy legal representation for our clients. We attend foreclosure court conferencesfor our clients. We litigate foreclosure proceedings in the courts throughout the Metropolitan New York area. We are knowledgeable concerning real estate related defenses, in foreclosure proceedings and the federal laws that deal with foreclosure.

We can also assist our clients in foreclosure related bankruptcies. We file Chapter 7 andChapter 13 bankruptcies for our clients. At our initial consultation, we will discuss various types of foreclosure defenses and the types of bankruptcies that may be available to you. We can stop foreclosure and debt collection activities by filing bankruptcy on your behalf. There are also numerous bankruptcy myths, such as you will never receive credit again, that are untrue. We will be happy to meet with you and discuss issues involving foreclosure, bankruptcy, re-establishing credit and staying in your home. Call us for a free consultation. Thank you for visiting our foreclosure blog.

The Economy is Starting to Recover, but not for Home Builders

One of the most severely impacted industries in the United States has been the home construction industry. Stocks on the various stock exchanges have been recovering. Consumers have started to spend for consumer related items in stores. However, home builders have seen no recovery in their industry.

Foreclosures Flood the Market with Homes

There is a glut of homes on the real estate market for sale today. A significant amount of these homes have been taken back by financial institutions as a result of foreclosures. New home sales continue to slump. The huge number of foreclosed homes in the market place that are waiting to be sold have brought down the price of homes.

Home Builders Barely Holding On

New construction of single family homes has undergone a recession for more than six years. The few remaining home builders that have not filed for bankruptcy or gone out of business are barely holding on.

Higher Commodity Prices

In addition to the lack of consumer demand for new homes and the glut of foreclosed homes on the housing market, the cost of new materials has also been a negative factor for new home construction. Commodity prices of every type of building material have been increasing. All commodities must travel by truck to reach stores. The cost of gasoline acts as a tax on all commodities, causing their prices to go up.

Most home builders have scaled down their projects, reduced their employees and cut their costs. Instead of building new homes, the large majority of these small and mid- sized contractors are now involved in home remodeling. Instead of building a new house, they now redo the kitchens and bathrooms.

New York Foreclosure Defense

We can keep you in your home if it is foreclosed upon. The banks fear our law firm. The dozens of cases in which we have kept home owners in their homes for many years are a testament to our expertise in handling foreclosure defense matters.

We litigate all types of foreclosure related matters including, but not limited to, truth in lending violations, defective mortgages, bad faith, violation of federal and state laws, inadequate documentation of the foreclosures, failure to file the appropriate documents with the county clerks office, defective foreclosure lawsuits, predatory lending and other real estate related matters. We attend foreclosure court conferences for our clients. We utilize the court legal system and try to motivate the financial institutions to provide our clients with mortgage modifications.

In some circumstances, we file Chapter 7 and Chapter 13 bankruptcies on behalf of our clients. Foreclosure related bankruptcy filings result in automatic stays from the bankruptcy court, which stop foreclosure proceedings from moving forward. In addition, the filing of a bankruptcy can eliminate credit card debt and sometimes eliminates second mortgages. We also help our clients in re-establishing their credit after they file bankruptcy.

Feel free to contact us. We will provide you with a free consultation and discuss your foreclosure options. Thank you for stopping at our foreclosure defense blog.

Foreclosure Lawyers

New Home Sales

The good news is that the sale of new homes in April of 2011 was up. The bad news is, if new home sales continue at their current pace for the rest of 2011, it will be the worst year for new home sales since records started to be kept more than fifty years ago!

There were 303,000 new home sales in the United States in April of 2011. This was an increase of 3,000 more sales from the 300,000 sales that took place in March of 2011. Overall, economists forecast that there will be 700,000 fewer home sales in the United States this year than will be necessary for the real estate industry to recover.

Demotivated Purchasers

Buyers are not buying new homes. They feel they are too expensive. The high foreclosure rate and the glut of homes already on the market make it more reasonable for a purchaser to buy an existing home instead of a new home. 2011 looks to be the fifth year in a row that showed a decline in new home sales.

The medium price for a new home today is $214,000. This is the same price that it would have cost you to buy that home in 2004. New homes sales in the United States account for approximately a quarter of the real estate market. However, new homes sales have a much greater impact on the overall economy. Every time a new home is built it creates three new jobs. New homes have an impact of more than $90,000 on the local tax rates in their community. When purchasers buy a new home, they also generally buy other items related to their home, such as furniture and appliances.

Home Builders in Trouble

Home contractors have been waiting for years for the economy to improve. They are afraid to build spec houses in a negative economic environment. They don’t want to be stuck with them, as their value continues to erode. Unfortunately, the 1.2 million foreclosures that are anticipated to take place in 2012 will further glut the real estate market and have a continuing long term negative impact on the home building industry in the United States!

Foreclosure

The Law Offices of Schlissel DeCorpo handles foreclosure defense for homeowners. We litigate all aspects of foreclosure proceedings including, but not limited to, defective foreclosure lawsuits, defective mortgages, predatory lending issues, bad faith, and other real estate legal issues. We attend foreclosure court conferences for the clients we represent. We also assist our clients in the preparation of mortgage modification applications, as well as deal with mortgage modification programs that are unresponsive to our clients’ needs.

In certain situations, foreclosure related bankruptcies can be utilized to stop foreclosures from moving forward. Upon filing either a Chapter 7 or a Chapter 13 bankruptcy, the bankruptcy court issues an automatic stay that stops the foreclosure lawsuit from moving forward. It should be noted that bankruptcy proceedings are brought in the United States Bankruptcy Court, while foreclosure proceedings are brought in New York State Courts.

For our clients who file bankruptcy, we can sometimes eliminate second mortgages. We also can assist our clients in re-establishing their credit after filing bankruptcy. Should you have questions as to what type of bankruptcy would be appropriate for you or whether there is other alternatives related to foreclosure defense, feel free to contact us. At your initial free consultation, we will discuss all of your foreclosure options. We look forward to seeing you again on our foreclosure blog.

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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