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Housing Market Continues to Decline

A recent Associated Press article on Google News suggested that fewer people may be buying homes, resulting in a depressed housing market.  Just last year alone the sale of previously owned homes fell to its all-time low point within the last 13 years, concerning economists of what's to come in the future.

They believe that the current strict lending standards in addition to the incredible number of foreclosures are discouraging potential home buyers.

Whereas the Realtors group reported an increase last December, the trade association closely examined the contract signings of homes to find a more accurate report entailing that the signings actually fell nearly 3.2% from November to December in 2010, although they admit that putting a number on how many people signed contracts is not yet an exact science. 

While statistics show the previously owned housing market has historically accounted for approximately 85% of home sales, economists fear that the current trend in sales will continue for some time.

To find out more information, contact a Long Island bankruptcy attorney at Jacoby & Jacoby for your free office consultation.

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