For the past few years, home prices in the large majority of the United States have been falling. I am happy to report that in an article recently published by the National Association of Realtors, it showed that in seventy-eight markets throughout the United States, representing most major metropolitan areas, housing prices have started to stabilize. Stabilization of the housing market is good news. However, stabilization is indicative of the slowing of the downward valuation of homes and not their increasing in value.

Buyers’ Market

We still have a buyers’ market for single family homes. Sellers are reluctant to commit to buying homes when home values are decreasing. Perspective home purchasers are always looking for bargains. Will housing prices continue to go down or will they rebound? No one can be absolutely sure as to when the housing market will hit its absolute bottom.

Is this a Good Time for Selling?

Are you interested in selling your home? Many prospective home sellers have kept their homes off the market with the hope that there would be a rebound in the housing market in the United States. The stabilization of the real estate market should not be considered a rebound. However, there is no guarantee homes will be worth more in the near future.

Location, Location, Location

There are three rules concerning the valuation of real estate. Those three rules are known as “location, location, location”. The valuation of real estate is a local issue. The market value of homes and commercial real estate changes from state to state, city to city, suburb to suburb and locale to locale. It could even be different from one block to the next in the same neighborhood. It behooves you if you are a purchaser to use due diligence and to become familiar with the area in which you seek to purchase a home.

The Improving Economy

Although the real estate market has been stabilizing, we are still in a recession. Will the rising stock market bring back the real estate market with it? I am hopeful, but I am also concerned that the problems in the real estate market in the United States are so severe that it may take several more years to sort this out.

Foreclosure Defense Lawyers in Long Island and New York

Our office assists our clients with mortgage modification applications. We are knowledgeable about the mortgage modification programs and why they fail. We maintain a foreclosure blog to update the public concerning various issues involving homes and real estate. We aggressively litigate foreclosure proceedings. We litigate defective mortgage lawsuits, predatory lending and we attend court conferences for our clients when necessary. We advise our clients with regard whether they should file a bankruptcy to deal with being behind on their mortgage and as to whether a Chapter 7 or Chapter 13 bankruptcy would be appropriate. In the event you are behind on your mortgage or experiencing foreclosure problems, we can help you. Call us at 1-800-344-6431, 516-561-6645 or 718- 350-2802.