Vail A. Kaufman, P.A.
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Housing Market Continues to Recover But New Sales Decline

The housing market crashed in the fall of 2008 with the mortgage crisis.  Since the end of 2011 houses have been on the recovery, but new home sales continue to be slow.

Zillow, a online resource for house comparables and values, reported that home values increased 6.4% in 2013.  Zillow did say that there was less of an increase in December than November.

Zillow predicts that the housing market will stay in "middle-innings," which means that they believe there will be a continued increase in value to the tune of 4.8%, but does not see a grand surge in values this year.

Zillow speculates that one of the reasons for the slower gains in 2014 will be increased new home constructions.  Also, increased inventory in the market of used homes will result in an artificial cap on appreciation of values.  Many people have held onto homes that were underwater as a result of the recession, but with recent gains have once again become solvent.

Trulia's Jed Kolko reported that existing home sales are outpacing new home sales twelve to one.  Prior to the recession, the numbers were six to one. 

Increasing property values can have an affect on bankruptcy petitions.  Your home is considered an asset and is part of the bankruptcy estate.

If you are considering bankruptcy and are a homeowner you should familiarize yourself with your home value by using tools like Zillow and the Maryland SDAT. As home values increase there could be potential new issues in your bankrupty, potentially resulting in loss of equity or higher Chapter 13 plan payments.

Bankruptcy is not static and your life does not exist in a vaccum and if you are considering bankruptcy  please call to make an appointment for a free intial consultation.

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