The average price of homes has hit the lowest value in nine years. The sale of existing homes dropped about nine percent and experts say that the market has about eight months’ worth of stock on the homes that are already built. Many owners of the pre-existing homes owe more on the homes than they can sell the property for. This creates a problem for newly built home sales hat are priced at least 45 percent more than existing homes, this makes it less likely that buys will but new structures and op out instead for a previously owned home.
All the bad news in the real estate sector has negative ramifications for economy. With the increasing prices in gas and food and the sluggish retail market, many people will find themselves swimming in debt. For the builder or homeowner who is going underwater their only option may be to hire a bankruptcy attorney to pull them out of water.
When people can’t make ends meet or sell the properties they are holding onto they will accumulate massive amounts of debt that make bankruptcy lawyers a must have. This debt can take the form of a mortgage loan that can’t be paid off or credit card debt used to provide basic necessities. Sometimes people buy things that they used to be able to afford until they lose their jobs. When debt is amassed that can’t be paid off these people will need bankruptcy lawyers to get them out of trouble.
