The numbers of homes that are pending sale have dropped in January according to the National Associating of Realtors. In the past two months the number home sales have dropped making recovery difficult for the real estate market. The decline in home values due to distressed sales has made homebuyers reluctant to purchase for fear of the declining value. As more distressed homes or foreclosures enter the market the increased inventory of homes drive market values down. Many of the largest mortgage lenders have many foreclosures on their books and are experiencing trouble clearing out those foreclosures.
The rise in gas prices and commodities will adversely affect the real estate market as more people may potentially enter into foreclosure. Although unemployment recently decline, economists believe that it is likely to remain at roughly 9 percent. Areas that have high unemployment rates have higher foreclosures that require the help of a foreclosure attorney. Every week the outlook towards the economy changes. Some feel it is recovering but this week the consumer confidence index has declined. Many people are still facing the loss of their homes and need the assistance of a foreclosure lawyer.
Facing the tough economic times often lead people to the conclusion that walking away from their mortgages is easier than sacrifice some of their basic needs. With the help of a foreclosure attorney the individual who enters foreclosure may get the help and guidance needed to keep them in their homes.
