Boca Raton Bankruptcy Lawyers

The Housing Market

News reports of the past several months that have been broadcast on major networks and the internet have painted the details of the sinking United States housing market. The loss of value has toppled the $1 trillion mark and the median price for a new home has receded to where it was in November of 2003. These unfortunate events have undone more than three years of price appreciation for most homeowners.

Sellers Face Tough Market

Last year it took approximately four months to move a house off of the market. Now, it takes a little over 6 months to sell a finished home, leaving sellers in the hole. According to reports, there is an unsold extra backlog of a million single-family homes and condominiums in the US.

Buyers Out Too

Unfortunately, buyers are not having much luck either. Sales incentives and rebates are failing to tempt buyers because they are overshadowed by stricter lending standards. New mortgages are difficult to come by, as lenders have disqualified thousands of potential buyers.

No-one’s Market

Those who do make the cut are required to put 20 percent down and make monthly payments that are high enough to pay off the debt. Being forced to pay these substantial down payments hordes the flow of free cash that was previously available to home owners of the past seven years.

If you or your business is facing a financial crisis, consider bankruptcy as a means to manage your debt and get back on track. contact Boca Raton bankruptcy lawyer Eric N. Klein, P.A. at 561.353.2800 for a free initial consultation. We will discuss your case and determine the best plan of action for your financial situation.