According to Freddie Mac interest rates on mortgages dropped below 5 percent. This is promising news for the failing real estate market but they aren’t out of the woods yet. The fear is interest rates will rise again as soon as the fall out in the Middle East trickles to the US economy. Arab nations provide 60 percent of the world’s oil supply, the impact of which will be felt later as hike in oil prices begins to affect the American consumer.
As oil prices raise all areas of the US economy become affected causing prices of energy and food to reach new highs. Despite reports this week of lower unemployment rates the exact way the higher oil prices will affect the average American worker cannot be determined. Many people may find it difficult to make their mortgage payment and will require foreclosure attorneys.
The February rise in home sales was aided by the lower prices of home many of which were foreclosed. The listless economy is still affecting the foreclosure rates and the growth of jobs. Facing foreclosure is an increasing predicament that only foreclosure lawyers can alleviate. States with high unemployment rates are experiencing the most foreclosures and the slow decline means even more people could lose their homes. A foreclosure attorney can be a savior to those who may lose their homes. While the Feds are sure the economy is improving for numerous Americans the recovery isn’t happening fast enough.
