Stop Foreclosure New York

As long as property values continue to decline, and as long as unemployment rates drive downward, the nation’s economy is far from real recovery, especially in regards to the housing market where record foreclosures perpetuate the cycle that keeps the market ailing and weak.  Clearly, there is a correlation between staggering unemployment rates that dry up the pool of potential buyers, making the need to stop foreclosure an ever-pressing reality for more and more homebuyers in New York and across the nation.  

Many economic forecasters project unemployment to remain above 10% through mid 2010, not likely to return to near-5% pre-recession levels for years.  Before the passing of his economic stimulus package, the Obama administration predicted unemployment to peak at 8%.  Now the nation’s average is 9.4%, the highest level in 25 years, and economists don’t expect the situation to improve for long after the Obama administration’s shortsighted predictions had estimated.

Economic Policy Institute president, Lawrence Mishel, said regarding reports of a ‘stabilizing economy’, “I find it unfathomable that people are not horrified about what is going to happen…we're looking at persistent unemployment that is going to be extraordinarily damaging to many communities. There is a ton of pain in the pipeline."

Adding to the weight of Mishel’s comments, chief economist for Moody’s Economy.com, Mark Zandi, said this regarding what Americans should be prepared for, “It won't get back to full employment until 2013 or 2014.  This really speaks to the severity of the job losses that have been absorbed by the economy.  They were massive."

In addition, RealtyTrac, Inc.’s June 11 report stated U.S. foreclosure filings exceeded 300,000 for a third consecutive month in May and could very well reach a record 1.8 million by the first half of the year.  What’s more, median home prices for existing homes fell 26% from the July 2006 peak, as sales waned and financial institutions auctioned off foreclosed properties.

So as high unemployment discourages consumer spending, which accounts for roughly 70% of the nation's economic activity, putting further pressure on the job market, the informed homeowner who might be facing foreclosure is busy seeking out strategies to avoid foreclosure and, if a foreclosure filing is made due to delinquency on the his or her part, he or she will get professional, foreclosure help to stop foreclosure in its tracks.

A no-fee, short sale specialist in your New York area, with extensive experience in procedures to stop foreclosure should be consulted to learn what your viable options are.  Check the credentials of any company that advertises short sale service before entrusting your case into their hands.



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