Housing Market Resurging According to Experts

The U.S. housing market is on its way back from the decline of the 2008 recession, according to financial services experts. A forecast earlier in March of this year by financial services technology provider Fiserv, which tracks housing prices in most U.S. metropolitan areas, has predicted that over the next five years home prices will rise on an average of 3.3 percent yearly across the U.S. A Fiserv economist was quoted as saying that 2012 was the first year since 1997 that the residential real estate market began to resume a normal trend after years of bubble-followed-by-bust activity. Housing prices peaked in 2006 based on inflated prices followed by a crash that slashed home values across the country by as much as a third or more in some areas.

From September 2011 to September 2012, however, home values in most metropolitan areas began to rise and experts say they should continue to do so until hitting 1997 levels. According to a government report, rate of new homes being sold in February 2013 was up by 12 percent from the previous year. In some of the housing markets hit the hardest by the recession, such as Detroit, Las Vegas, Los Angeles, and Miami, home prices had increased by up to 10 percent. In New York, however, housing prices rose only 0.7 percent. Despite the overall good news, the U.S. housing market is still plagued by millions of foreclosures being processed in the courts along with record numbers of homeowners on the verge of foreclosure.

Real Estate Attorney in Brooklyn, New York

Legal matters involving real estate can be complex and confusing, whether they involve foreclosures, short sales, loan modifications, purchases, sales, or litigation. To protect your interests in any of these types of matters it is vital to seek the services of an attorney who concentrates on real estate law in your area. The legal team at the Volakos Law Firm, P.C. serving clients in Brooklyn, Queens, and the greater New York City area has years of experience in handling every aspect of real estate transactions and litigation involving residential, commercial, and industrial properties.

Get competent and dedicated legal help from a group of lawyers that deals with real estate issues and problems on a daily basis. Contact the firm for an initial consultation to learn more about your real estate matter from a legal standpoint and to get started with the professional assistance you need to resolve such matters and move forward.