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!
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.
