A Low-Dip for Unemployment Rates

Posted on November 16, 2011 by admin

The uncertainty in Europe is drawing close economic discrepancies.  Nevertheless, unemployment rates are now lower than experts predicted. “Unemployment aid hits 7-month low, trade gap falls,” as depicted in the Daily Business Review.

As of the end of November 5th, 2011, the seasonally adjusted initial claims, as reported by the Labor Department, were 390,000. The initial claims from the previous week’s revised figure were 400,000.

The Daily Business Review reports that as of September exports have increased 1.4 percent to a record of $180.4 billion. Also, there was a slight rise in imports (0.4 percent) to $223.5 billion.

The job market is not on a roll, only about 80,000 jobs were added in October. And, in recent months the growth was slightly higher and this figure was the lowest in four months.

Posted in Affordable Housing, economy, Government Disputes, Real Estate Litigation, unemployment | Tagged , , , , , | 1 Comment

Class-action lawsuit against manufacturers of Transvaginal Mesh

Posted on November 16, 2011 by admin

A class-action lawsuit against manufacturers of Transvaginal Mesh (TVM) is likely to move ahead.  On July 13, 2011, the Food and Drug Administration (FDA) issued an urgent public notice advising patients and their healthcare providers to consider alternatives to transvaginal mesh (TVM). Tens of thousands of women have gone through surgical procedures to help cope with Pelvic Organ Prolapse (POP), “which occurs when organs, including the uterus or bowel, drop against the wall of the vagina,” or Stress Urinary Incontinence (SUI) which “is an involuntary loss of urine that occurs during physical activity, such as coughing, sneezing, laughing, or exercise” according to MedlinePlus.

Posted in class-action, FDA, Federal Drug Administration | Tagged , , , , | 4 Comments

Making Home Affordable Program (HAMP)

Posted on November 16, 2011 by admin

In 2009 the Obama administration came out with an idea about how to help homeowners keep their homes. The program had high hopes and seemed to be on the right track. However, over two years later many people are more than skeptical. The program, Making Home Affordable Program, has managed to help less than 10% of homeowners in foreclosure.  The program was initially estimated to help three to four million homeowners. According to The Atlantic, an estimated 8.5 million homeowners could have benefited from the program.

The program requires homeowners to “satisfy the specific eligibility requirements of HAMP.” Of those millions of homeowners, about 2.5 million would have been eligible. However, fewer than 2 million modifications have been offered. And of those offered, 1.7 million actually began. Furthermore, about half of those two million were eliminated during the process. “Just 857,000 were granted permanent modifications.” In addition, over 130,000 of them re-defaulted. “That leaves about 723,000 who either continue to pay their permanently modified mortgage or have since paid off their home.” Accordingly, relief has only helped about 8.5% of homeowners.

Posted in Affordable Housing, Bankruptcy, economy, Government Disputes, HAMP, HAMP homeowners in foreclosure, Making Home Affordable Program, Modification, Mortgage, Obama aadministration, Real Estate Litigation, Residential foreclosures | Tagged , , , , , | Leave a comment

Housing Market Destroying Consumer Confidence

Posted on November 16, 2011 by admin

More uncertainty in the housing market is continuing to destroy consumer confidence. There was a seven percent increase in foreclosure filing (more than 230,000 cases) from September to October, RealtyTrac reports. According to the report, one in every 563 houses filed for a foreclosure that month. “Default notices in states using the judicial process (LIS) reached an 11-month high of 39,282 in October, a 16 percent increase from the previous month, but still down 31 percent from October 2010[,]” reports RealtyTrac. Florida is now a top five state in the foreclosure crisis up from the sixth spot and now forth worst in the crisis. “A total of 15,234 new default notices were reported in Florida in October, up 28 percent from the previous month and a 12-month high.”  Furthermore, scheduled auctions in are up 57 percent from September.

Posted in Affordable Housing, economy, housing market consumer confidence, Housing market destroying consumer confidence, Real Estate Litigation | Tagged , | 2 Comments

Florida’s Fair Foreclosure Act of 2012

Posted on November 8, 2011 by admin

Florida’s Fair Foreclosure Act of 2012 may sound like it is fair, as the word is in the name. However, it appears to help lenders and not homeowners. The act, although still in the legislature has a biased approach favoring those who do not see houses as homes, but as assets. The Act will give banks quicker access to repossess homes, and could cause a rise in fraudulent cases. There must be another way in which both sides can resolve the issue at-hand, with both parties compromising.

This solution may be to throw people out of their homes whether they really deserve it or not. This may be due to lack of organization and other operating mistakes, but the homeowners are the ones paying with their homes. At the present time, the homeowner has the ability under specific circumstances to “reverse a judgment” and regain his home, as stated by The Palm Beach Post. However, this Act may cut the time period in which the homeowner may have to contest a judgment. Furthermore, if this Act is signed, it is possible that the homeowner will not be able to get their house back after a judicial sale, but rather only a sum of money. And, on another note, it seems that banks may be making unclear the ways in which they are pursuing defendants. This tactic seems to work on some occasions.

Posted in Affordable Housing, Florida Fair Act, Government Disputes, Real Estate Litigation, Residential foreclosures | Tagged , , , | 4 Comments

Housing Market Values On The Rise?

Posted on November 3, 2011 by admin

Housing market values are continuing to effect consumer confidence. It is likely to continue through the end of 2011 and adjust through 2012. Fiserv came out with ranks for best and worst housing markets in the country. It is likely that market value will increase in the next couple of years. On the other hand, the estimates are nationwide averages. At the same time, several areas comprising more than 500,000 people will drop in value. Florida will likely suffer, Miami and Fort Lauderdale are making the list as some of the hardest hit areas nationwide. On a positive note, places like Palm Bay and Melbourne, Florida, are likely to ease through with an increase in value. Another area likely to strike-out by the crisis, on a major scale, is Las Vegas, Nevada. Prices of homes have dropped roughly 60%. The unemployment rate is amongst the highest in the nation. And, prices in Las Vegas are expected to continue dropping an extra 20% over the next couple of years.

Posted in Affordable Housing, Bankruptcy, Commercial Foreclosures, Real Estate Litigation, Residential foreclosures, Uncategorized | 1 Comment

Housing Prices for 2012-2013

Posted on November 3, 2011 by admin

Case-Shiller Indexes estimates a rise in housing prices as of August of 2011. The company put a positive spin on the economic crises. However, some areas are likely to continue to decline. The increase in housing market values is likely to take place in 2012 and continue through 2013.

“Fiserv continues to project that home prices remain on track to stabilize by the end of 2012.” The reliable index expects the housing market values to gain strength as ‘”[m]ortgage delinquency rates have been falling for more than a year. Foreclosure rates have started to decline. The flood of bank-owned sales, which have swamped many markets, will finally begin to recede this year as fewer houses enter the foreclosure pipeline. Meanwhile, housing affordability has nearly returned to pre-bubble levels,’” declared the chief economist at Fiserv, David Stiff. Accordingly, Fiserv projects market value of homes to “increase by an average of 2.7%,” in over 95% [365 of 384] metro areas. Finally, homeowners receive positive news regarding the economy. The ability to have stable economy greatly relies on “household confidence” in our process of healing the economy, as stated by Stiff.

Posted in Affordable Housing, Bankruptcy, Real Estate Litigation, Residential foreclosures | Tagged , , | Leave a comment

Help Regarding Foreclosures

Posted on October 31, 2011 by admin

Many of us feel financially insecure in today’s market. In addition, we are unaware of possible solutions due to the gravity of the situation. Foreclosures are a major issue straining our economy today and there are ways to deal with this financial disaster plaguing our country. Dealing with the foreclosure of one’s home may be debilitating. Nevertheless, there are certain steps one can take to ease the pain. Of course, every case is distinct, and so one cannot approach each case in a like-minded way. Rules have constantly changed, and so one must adapt to this ever-changing phenomenon.

First, refinancing may be a good option, given the parameters of the Obama administration. It is very likely that even though one is in the ‘deep end of the pool’ in this crisis, there is still a floatation device available.

Secondly, loan modifications may be the answer, which were out of the question years ago. If you are now making less then you did years ago, you may be eligible for a loan modification. Millions of homeowners will be eligible for modifications. However, the process of a modification is difficult, and so many people opt-out from proceeding.  Still, this option might be best for many people.

A third option may be conducting a short-sale on the property. However, this is a specialized field and one may need an attorney, or other professional to provide services. A short-sale may be the best option for some. In a short sale, a homeowner sells the property for less than is owed on the mortgage.

Another option may be “deed in Lieu.” If a short-sale is not successful, this may be the next best option. It limits the negative events placed on the credit report. It is basically the giving of ownership back to the bank, and is not as bad on the credit report as a foreclosure.

Lastly, bankruptcy may be a good option, depending on your unique situation. And, sometimes it is the best answer. However, before filing for bankruptcy it is critical to be informed and to make the decision carefully.

Posted in Bankruptcy, Commercial Foreclosures, Residential foreclosures | Tagged , , , , | 2 Comments

Affordable housing plan at a halt for Pinellas County

Posted on October 31, 2011 by admin

An innovative strategy posed by Pinellas County appears to be slightly indecisive. According to St. Petersburg Times, the county sought to build affordable housing on more than 18 acres of land. However, the plan has come to a halt. Pinellas County loaned $3.4 million in hopes of building a large housing project, comprised of 200 units which also include affordable housing.

Seven years ago Crest Capital LLP, agreed to build a gated community. Nevertheless, the project has not proceeded. In July of 2010, the county won a civil court judgment which granted the county $3.4 million plus interest.  Still, the county has not seen the money.

The property is in the Greater Ridgecrest area, and it was up for auction in a tax deed sale in September. The County declared that there is a strategy behind the decision, but will not reveal it yet. Green Energy bought the property for North America, LLC, for $133,600, with a possible Solar Farm in-sight. However, affordable housing may not be out-of-the-question.

Mark Yegge, the owner of the property says, “[r]egardless of what we do, we want to make sure the neighbors are all happy about it.” The area is filled with elderly people, so the decision for the project needs to be well planned. Nonetheless, the neighbors are skeptical about the county’s strategy so far.

Posted in Affordable Housing, Civil Court Judgment, Government Disputes, Real Estate Litigation, Uncategorized | 5 Comments

Sheila Bair on foreclosures

Posted on October 26, 2011 by admin

Before Sheila Bair resigned from office, according to South Florida Bankruptcy Law Blog in 2011, she proposed to “remedy the foreclosure backlog, which has become the single largest impediment to the recovery of the U.S. housing markets.” It appeared that Bair understood the destructive path lenders were taking, and tried to clear the flood of foreclosures which seemed inevitable. Sheila Bair recognized the consumer as being the major force behind the economy, and not only corporations.

It was quite obvious to her that the mortgage crisis was about to take place. And, although she warned the Bush administration and the Obama administration, she was not heard. If Bair was given more face-time this entire ordeal could perhaps have been managed more carefully and with more success.

However, the bubble has now burst and the problem will not dissipate quickly. Although the problem would not have fixed itself quickly, it could have been contained before it “materialize[d]” in many forms.

Posted in Bankruptcy, Commercial Foreclosures, Residential foreclosures, Uncategorized | 1 Comment