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Relief For The Housing Market is Not in the Immediate Future Atlanta, GA

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Relief For The Housing Market is Not in the Immediate Future

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After several stressful years, new numbers indicate that American homeowners still do not have much to look forward to. According to a new Reuters poll, the U.S. housing market will remain stagnant throughout 2011 due to continual foreclosures and high rates of unemployment throughout the country.

According to the poll, median home prices will rise by only 1.0 percent in 2011. This follows a dismal 2010, in which home prices increased by 1.1 percent. In comparison, the consumer price index will rise by 1.6 percent in 2011. Home loan delinquencies also recently rose for the first time this year, which means that the number of foreclosures will likely continue to increase in 2011, especially as lenders restart their repossession processes after last month’s foreclosure controversy.

According to economist David Berson, these numbers may indicate that the housing market has hit its lowest point. “Housing activity has likely bottomed, but the recovery will be slow and long-developing,” he said. One economist echoed this belief, stating that it may take a minimum of ten years for home prices to reach 2006 price levels. Others were not so optimistic, stating that prices may never recover. Homes are currently being valued at a staggering 35 percent less than 2006 prices.

However, before foreclosure and repossession will slow down, economists say, potential home buyers need to feel confident in the housing market. And before that can happen, other areas of the U.S. economy need to improve. “The simple fact,” said economist Paul Dales, “is that prices will not be able to rise when poor economic conditions continue to undermine demand and when foreclosures will continue to boost supply.”

Source: CNBC, “US Housing Market Will Struggle in 2011: Poll”, 18 November 2010

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1718 Peachtree St NW, #385
Atlanta, GA 30309

Phone: (678) 915-2634

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    They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

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    Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

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    Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

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    I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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