The Continuing Economic Malaise

The Continuing Economic Malaise - Reyes Law Group BLOG post by Carlos J. Reyes - Attorney at Law

Economic Malaise & Short Sales – Here for Years!

That’s right.  Let me tell you why.  As we end the 3rd and enter the 4th quarter of 2014, many of us have had a sense that something is not right.  Despite the repeated assertions from various governmental and media sources that the economy is “getting better,” there have been ongoing reminders to the contrary. We are still in an economic malaise.

A recent article in the Charleston, South Carolina “Post and Courier” highlighted a Gallup Poll taken on July 31st, 2014.  It found that while the U.S. unemployment rate has plunged to a five-year low of 6.1 percent, consumers’ view of the economy was the glummest it has been in seven months.  The article quotes a laborer saying, “If the economy is getting better, I’m not sure for whom, … [i]t certainly hasn’t trickled down to me.”  It goes on to make the point many of us have been sensing, … Americans don’t feel better off. What they are feeling is an economic malaise!

While this is touted as the 6th year of the economic recovery, the article notes several factors as the key challenges Americans are facing:

1) Income hasn’t rebounded;

2) Millions are working part-time even though they want full-time jobs;

3) It’s taking longer to find work;

4) People are still struggling with mortgage debt;

5) Some feel down about the economy because of their political views; and,

6) Most people don’t feel free to spend as much as they did in the past.

One of these “factors” is crucial and critical to our clients and firm – people still struggling with mortgage debt.  The article notes: “Nearly 37 percent of mortgage holders were ‘effectively underwater’ through the first three months of 2014, according to the real estate firm Zillow. That means they either owe more than their homes are worth or a sale wouldn’t generate enough money to cover the closing costs and down payment for a new home.”  It goes on to declare that home prices may not regain their peak values until 2017, and for other areas even later (Baltimore – 2024; Chicago & Kansas City – 2026, & Minnesota Twin Cities – 2028).  We’ve been gauging lately that South Florida may currently have 20% of homes underwater, but who knows?!  For the entire story, click here

As I’ve said more than once over the years, when we say, we “defend your property, and preserve your rights” – we mean it!  In this current economic malaise, proper guidance to help you negotiate your loan mod, short-sale or handle your litigation is more critical than ever!

Carlos J. Reyes  is the Principal of Reyes Law Group. He has been a member of the Florida Bar since 1988 and practices state-wide.  Carlos has been awarded a rating of “AV Preeminent” which is the highest possible rating in both legal ability and ethical standards by Martindale-Hubbell – a well-recognized legal resource. The RLG Legal Team also include attorneys Melissa J. Ulloa the RLG Legal Support Team to bring you a dedicated, experienced and dynamic legal team to handle your legal needs.

We also assist clients in the areas of: Civil LitigationReal Estate LitigationResidential Purchase & SalesCommercial Acquisitions & SalesResidential Landlord-Tenant LitigationCommercial Landlord-Tenant LitigationShort Sales NegotiationsLoan Modifications Family LawCorporate Work, and Labor & Employment Law.

Call us for a FREE consultation at (954) 369-1993. Se Habla Español.

Visit our firm website ReyesLegal.com and review our credentials.

We are located at 150 S Pine Island Rd #210, Plantation, FL 33324

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Written by Reyes Law Group