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Housing Prices on Long Island Decrease

Housing Prices On Long Island DecreaseThe sale prices of homes on Long Island went down in the month of August. This is compared to the price that homes sold for one year ago. The medium sale price for a home in Nassau County was $420,000. This represents a reduction of 4.5 % from last year. The medium sale price for a home in Suffolk County in August of 2011 was $324,000. This was only $1,000 less than that home would have sold for in August of 2010.

A Stabilizing Market

Real estate experts have indicated that the market for single family homes on Long Island is stabilizing. This is another way of saying that the amount of decline in home values is slowly leveling off.

Rock Bottom Prices

Buyers today are looking for rock bottom prices before they will buy a home. Has the market bottomed out? One can never be sure as to what the real estate market is going to do. The major issues involved in the real estate market relate to national and local economic decisions. The unemployment rate has a significant impact on the real estate market. The consensus among families as to the future of their employment prospects impacts on the real estate market. Worries and fears about recessions impact the real estate market. Job security issues have a negative impact on the real estate market. Home values have been going down on Long Island for more than four years. When will the bleeding stop?

Foreclosure Defense and Bankruptcy Lawyer

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 conferencesfor 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.

Home Prices Rise in the Spring of 2011

Each year, as the weather gets better, the real estate market seems to blossom at the same time flowers blossom in many large cities in the United States. This has been true for 2011; however, the blossoming only had a minimal impact on the real estate market in the United States this year. Home sale prices rose in 13 of the 20 largest cities that are followed by the Standard and Poor’s / Case – Shiller Home Price Index. Washington, D.C. had the most significant increase in home prices. It was followed by San Francisco, Atlanta and Seattle. The home price index in the city of New York only went up a small amount.

Long Island Home Prices

In May of 2011, there was a slight increase in the average home price in Suffolk County. It rose to $315,000. Nassau County had a decrease in the average price of home sales to $399,000. Unfortunately, these home prices must be adjusted for seasonal factors related to the search of home purchasers that usually takes place in the spring of each year.

Real Estate Crisis

America is still in the throes of a real estate crisis. Approximately a third of all homes are underwater (worth less than the amount of their mortgages). This crisis has been going on for three years. It is becoming a permanent fixture of the real estate cycle. For the economy in the United States to be pulled out of its doldrums, the real estate market must be stabilized, which is not happening. Foreclosure rates are increasing. Equity in homes is decreasing. American’s single largest asset, the single family home, is becoming a liability!

Foreclosure Lawyers

We can fight your foreclosure. We litigate predatory lending issues, defective foreclosure lawsuits, and defective mortgages. We attend foreclosure court conferences for our clients. We draft mortgage modifications and deal with mortgage modification programs that fail to meet our clients needs. We litigate foreclosure related bankruptcies, whether they’re a Chapter 7 bankruptcy or Chapter 13 bankruptcy. We also assist our clients in re-establishing credit after filing a bankruptcy. We can help stop your foreclosure from moving forward! Call us and we will provide you with a free consultation. We will discuss all of your foreclosure options.

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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We represent individuals throughout the New York Metropolitan area with divorce and child custody, personal injury, car accident, wrongful death, estate administration, nursing home and medicaid issues

The information you obtain at this website is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your particular legal issue. This is attorney advertising.

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