The real estate market experienced a slight rise, 2.7 percent, in the sale of homes for the month of January but the market remains weak. The number of first time buyers saw a decline of 29 percent, according to Associated Press. Home prices are their lowest level in nine years showing that the troubled market isn’t going to see improvement for a while. Cash sales accounted for 32 percent of purchases which has doubled in two years. The purchase of foreclosed homes made up a total of 37 percent of home purchases.
As more homes enter foreclosure proceedings the market value of homes could sink even more. The inventory of distressed sales, homes under foreclosure, could rise and further lower the average price of real estate. With unemployment still high more homes are expected to go into the foreclosure process and require the proficiency of a foreclosure lawyer,
For those entering foreclosure proceedings the support from a foreclosure attorney is a necessity. Many people are choosing to walk away from their mortgages in spite of the damage it does to credit ratings. Losing a home to the bank no longer holds the stigma of the past. The struggle to keep their homes is more than most can bear unless they employ a foreclosure lawyer to outline their options. With so many homes empty the real estate market will continue to suffer and take up to 10 years to recover according to some experts.
