Los Angeles Housing Numbers Up, but Signs Point to Foreclosures, Debt in the Future
The Los Angeles Times recently reported that the Southern California housing market gained ground from May to June‚ but job loss and upside down mortgages predict doom.
Our area of the country is no different than others‚ where job loss‚ a sudden‚ unexpected medical catastrophe or predatory credit card companies have buried people in debt they can’t manage. And banks and lenders are helping very few homeowners modify their loan or avoid foreclosure in Los Angeles.
Glendale Bankruptcy Lawyers are dedicated to helping consumers get out of debt and to using bankruptcy laws to their advantage. Whether trying to save your home or start fresh‚ our bankruptcy lawyers will work with you to help secure your financial future.
According to the Times article‚ 20‚532 newly built and previously owned homes were bought and sold‚ up 11.6 percent from May.
And despite the increase from May‚ the numbers represented a 14 percent decline from June 2010. June is typically one of the strongest months for home sales in the area. The median home price for Los Angeles County was $285‚000 in June‚ which was 1.8 percent more than May but still 5 percent lower than June 2010.
So‚ the numbers are deceiving. Add to those numbers the fact that Los Angeles County led the state in job losses in May‚ shedding a net 11‚400 jobs‚ leaving the unemployment rate at 11.9 percent. Nearly 24 percent of all properties with a mortgage in the area are upside down. And 33 percent of sales in June were foreclosed houses.
So‚ while sales are up‚ it’s not necessarily a great thing for our local economy. With people still losing jobs and government programs accomplishing little‚ many people are at their wit’s end when dealing with finances. Some don’t know where to turn. Others continue piling on debt without any hope in sight.
But there is hope. Bankruptcy laws are designed to help consumers start over. Filing for bankruptcy in Los Angeles can clear your debt completely or allow you to come up with a payment plan over three to five years to get out from under creditors and collection agencies.
Rather than continuing to stress about your situation or turning to scams that promise financial freedom‚ consult with our law firm. Our attorneys have experience and are trained to help you determine the best way to deal with mounting debt.
Speak with our firm today to get the facts about bankruptcy and see if it is right for your situation. But don’t wait. The longer you put off a decision‚ the more difficult debt can make your life. Call today.
Los Angeles Bankruptcy Attorneys will provide a free consultation to help guide you in making a decision that works for you. In Encino‚ Glendale and Los Angeles‚ just call.
If you need to speak with a foreclosure litigation attorney in Los Angeles‚ Encino or Glendale‚ contact Nader‚ Naraghi & Woodcock‚ APLC at (800) 568-0707 for a free consultation.
Southland housing market warms up in June‚ by Alejando Lazo‚ Los Angeles Times