Economists are hopeful for a modest growth in 2013 as the housing market continues to stabilize. The economy saw a 2.2 percent growth during 2012 and economists expect a 2.1 percent growth rate during 2013. Although it is a good sign for economic recovery, it is at such a slow pace that it will not have much effect on the unemployment rate. Economists from the National Association of Business Economics (NABE) say they expect the unemployment rate to level off next year to around 7.7 percent.
Economists have seen a slight stunt in economic growth during the October-December quarter and believe Hurricane Sandy is the cause. The Gross Domestic Product (GDP) or the country’s output of goods and services has sharply declined during this quarter. However, if we go over the fiscal cliff in two weeks, this will likely cause even more damage to the economy. Economists say their anticipated growth rate is based on the hope that the federal government will find a solution to avoid tax and spending cuts.
NABE expects the growth in 2013 to include:
• 165,000 jobs added to the job market
• The inflation rate to increase 1.8 percent
• A 75 percent increase in long-term interest rates
To read more on this story visit: http://www.miamiherald.com/2012/12/17/3145564/economists-forecasting-moderate.html
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. at www.miamibankruptcy.com.
Tag: Housing Market
Mortgage Rates Fall to New Lows
The housing market continues to show signs of recovery as average rates on fixed mortgages fell to new lows last week. Freddie Mac released that the average rate on 30-year loans fell to the lowest rate since 1971 at 3.34 percent. The rate was down from 3.40 percent the following week. The average fixed mortgage rate on 15-year loans was down from 2.69 percent the previous week to 2.65 percent last week.
Home prices, home sales, home construction and refinancing have all slowly increased this year. The Federal Reserve announced that tight lending standards have slowed down the economy’s recovery process. Chairman, Ben Bernanke said the banks were forced to raise their standards in 2008 after the housing market crashed. He went on to say that if banks would loosen lending standards now that things are improving, the economic recovery would speed up by boosting home sales.
To read more on this story visit: http://www.usatoday.com/story/money/business/2012/11/15/mortgge-rates/1706975/
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
The Housing Market’s Impact on Economic Recovery
Many Americans were worried by the lack of attention both presidential candidates devoted to the housing market in their campaigns this year. The collapse of the housing market was one of the main reasons for the recession in the first place. The housing market impacts the job market and many other sectors of the economy. When home sales are up, retail sales are up; this in turn has a positive impact on the stock market. When stocks go up, inventory becomes sparse, therefore developers begin to build and in turn, construction jobs are added to the economy.
Many parts of the country are now seeing economic growth in the housing sector. There are more buyers and inventory is low. In past recessions, such as during the 1970s and 1980s, housing played a major role in economic recovery. In the 1970s housing and cars accounted for 50 percent of the recovery and in the 1980s these accounted for one-third of the recovery. Today, housing and cars account for only 10 percent of the recovery. However, states such as Florida, Nevada, California, Arizona and Michigan- that were hit the hardest by the housing market crash- are seeing an increase in sales and home prices.
To read more on this story visit: http://www.npr.org/2012/10/27/163776531/bust-to-boom-why-housing-matters-economically
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Property Insurance Rates Greater Concern for Florida Homeowners than Property Taxes
A nonpartisan organization, Leadership Florida, recently released a survey that found 46 percent of Floridians say property insurance puts a greater stress on their finances than property taxes. In 2008, 36 percent of Floridians found property insurance was a greater stress on their finances and 31 percent cited property taxes.
Since 2008, property taxes have decreased along with property values due to the housing market crash; however, property insurance costs continue to rise. Many insurers have requested rate increases in the double-digit range in 2012, which have been approved. The growing rates could result in a political liability for Florida lawmakers in upcoming elections.
To read more on this story visit: http://www.heraldtribune.com/article/20121021/ARTICLE/310219990/-1/sports?p=all&tc=pgall&tc=ar
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Home Construction on the Rise
Home construction is on the rise in the U.S., which is good news for economic growth and recovery. The Commerce Department reports home construction rates during September were the highest seen in four years. The steady growth is due to record low mortgage rates, reduced home prices and a shortage of homes for sale on the market. Single-family home construction increased 11 percent in September and apartment construction increased 25.1 percent. Overall new construction has increased more than 38 percent in the past 12 months.
A rise in home construction rates will help boost the economy, not only from a housing market standpoint, but it will also create more jobs in construction, home improvement and retail. Employment in the construction industry took a major hit after the recession, dropping from six million employed in June 2009 to 5.46 million in January 2011. Housing is one of the most important contributors to economic recovery and economists expect the housing market will continue to improve for the next several years.
To read more on this story visit: http://www.wrex.com/story/19841616/us-housing-construction-up-15-percent-in-september.
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Housing Crisis Goes Unmentioned in Presidential Debates
The housing crisis is widely considered the reason for the recession that hit the U.S. economy hard in 2007. However, President Obama and Governor Romney have avoided mentioning their plans for the future of the housing market during their recent presidential debates. The silence from the candidates is especially shocking considering the hardest hit states are also the battleground states such as Florida, Nevada and Ohio.
The plans and programs implemented by the President Obama administration have been slow to make headway. President Obama has been scrutinized for the slow pace of the improving conditions. Economists believe this is the reason the housing market has gone unmentioned by both candidates because Governor Romney’s plan for improving the housing market has many similarities to Obama’s. The third and final debate will take place this evening in Boca Raton, FL, but it is unlikely the housing market will be mentioned. The primary focus will be on foreign policy.
To read more on this story visit:
http://www.sfgate.com/business/networth/article/Obama-Romney-skip-housing-in-debates-3957782.php#page-1
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
The New Housing Boom
The long-struggling housing market is finally beginning to see a turnaround. Signs of recovery have been evident with the recent increases in home prices, home sales and construction. Foreclosures are also down and the Federal Reserve has acted to push mortgage rates near record lows.
Barclays Capital put out a report recently forecasting that home prices, which fell by more than a third after the housing bubble burst in 2007, could be back to peak levels as soon as 2015. The housing rebound can have a ripple effect that could help get the entire economy growing at a much stronger pace, which will add to more demand for housing.
Roger Altman, chairman of Evercore Partners and former deputy Treasury secretary stated that the recent turn in the housing market should become a boom by 2015 and lift the entire U.S. economy. He also expects housing will add 4 million jobs to the economy over the next five years, as the pent-up demand for home purchases drives building and home prices higher.
To read more on this story visit: http://money.cnn.com/2012/10/12/news/economy/housing-boom/index.html
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Homeownership Rate at Nearly a 50-Year Low
During the second quarter of 2012, the Census Bureau showed homeownership rates declined to 65 percent, the lowest since 1965. Rates reached a peak of 69 percent during the boom of the housing market in 2005-2006. The ‘real rate’ subtracts homeowners who will soon face foreclosure due to delinquent mortgage payments.
The ‘real rates’ display a more accurate image of the financial stance of the housing market, considering how many foreclosure proceedings are backed up in the court system. The adjusted figures only go back to 1991 due to lack of tracking delinquencies and foreclosures before this time. Since there have been no major declines in the housing market before 1991, Sean Fergus of John Burns Real Estate Consulting said he believes the pattern is also accurate of ‘real rates.’
To view a chart displaying the information and read more on this story visit: http://www.businessweek.com/articles/2012-08-29/real-homeownership-rate-at-nearly-50-year-low#r=lr-fst
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Housing Market Improves a bit this Summer
July turned out to be a positive month for the housing market. Existing home sale and unit sale percentages significantly increased. From June to July existing home sales rose 2.3 percent and unit sales increased from 4.37 to 4.47 million according to the National Association of Realtors. Experts said these are all positive signs for both the housing market and the economy. The NAR attributed the improvement to two factors: the lowest interest rates since before the housing market crashed and a stable increase in the job market.
Although the numbers from July 2012 compared with 2011 are optimistic, senior economist at the Royal Bank of Scotland, Michelle Gillard, said she anticipates a gradual recovery for the housing market. Unit sales rose 10.4 percent from July 2011 to July 2012. Another positive sign for the economy is the prices of homes are also on the rise. The average price has increased 9.4 percent since last summer.
The housing market is still facing obstacles such as tight lending standards and lessening housing inventory due to sporadic foreclosure waves. The National Association of Realtors has requested that the government rapidly turn over foreclosed properties, in an attempt to speed up the recovery.
To read more on this story visit: http://economywatch.nbcnews.com/_news/2012/08/22/13413991-housing-market-improved-a-bit-in-summer?lite
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.
Palm Beach County Courts Hold approximately 7,000 Zombie Foreclosure Cases
In Palm Beach County, 17 percent of the foreclosure cases are currently lying dormant in Palm Beach County courts. A large portion of the 6,927 ‘zombie cases’ have stalled for more than a year, some dating as far back as 1997. This growing number of vacant and deteriorating homes is creating a widespread problem and affecting the value of other homes on the market. While some of the dormant cases are mistakes due to one party forgetting to request a dismissal, much of the inaction is a result of homeowners filing for bankruptcy, lenders inability to prove ownership, and loan modification negotiations. Whatever the reason, many homeowners are clueless about the status of their cases and have not been making payments for years.
If a case has been dormant for 10 months, the homeowner can legally file for a dismissal of the case. The lender then has 60 days to act. If no action occurs, then the case is thrown out. Peter Blanc, Palm Beach County Chief Judge, thinks Palm Beach County will see a rise in dismissals due to the recent state funding received to hire extra help for foreclosure cases. Another frustrated Palm Beach County Judge, John Hoy’s advice to banks is, “If you can’t take care of old cases, don’t file new ones.” Both judges were in agreement that the problems with zombie cases now, stem from malpractices by banks in earlier years.
To read more on this story visit: http://www.palmbeachpost.com/money/foreclosures/the-zombie-files-nearly-7-000the-zombie-files-nearly-7-000-stagnating-foreclosure-2305388.html?viewAsSinglePage=true
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.