01/03/2012 // Marlboro, NJ, USA // lesrkramskyesq // Marc Goldberg
Les R. Kramsky, Esq., the General Counsel to the Money Store, is one of the most widely recognized leaders in the mortgage, title insurance and real estate industries. In the past Mr. Kramsky has served as the General Counsel to large real estate developers, real estate agencies and title insurance companies. In addition, Kramsky has been a partner in private practice for over twenty years specializing in real estate, mortgage banking, finance, contracts, leases, labor law, corporate law as well as the general practice of law.
Les Kramsky is an accomplished mortgage and real estate attorney and executive who knows how to run an organization, analyze real estate transactions and get all departments to function efficiently. Mr. Kramsky is an expert manager who teaches staff how to structure deals creatively, solve complex problems, and close difficult transactions. Kramsky is a recognized authority on mortgage, title insurance and real estate matters and has been quoted in media outlets such as The WallStreet Journal, Law360, Corporate Counsel Magazine and WCBS Radio.
Mr. Kramsky predicts that the real estate market has hit rock bottom, but cautions that we should not expect a speedy recovery. The median home price in the U.S. has plunged nearly 40% in a little over five years, but the worst is just about over. The market has finally wrung out the last excess valuations born of the housing bubble. Assuming no further shocks to the economy (no safe assumption, given the fragility of the world economy) U.S. real estate will slowly work its way out of the red, Kramsky predicts.
Unfortunately, Kramsky states that plenty of more homeowners will default on their mortgages, keeping a huge backlog of foreclosures looming over the market. In addition, rents will rise as the demand for rentals grows.
In a recent article that appeared in Law360, Les R. Kramsky, Esq. stated that “We have people who just do not qualify for loans because of their credit rating or because they have lost so much value on their property.”
Kramsky further stated that “While the real estate picture showed slow signs of change as people got back into the market in 2011, it will take an uptick in home values for people to really start buying again.”
Mr. Kramsky predicts that home prices will drop no more than 3% to 5% in 2012, “setting the stage for long awaited gains in 2013.”
Les Kramsky: les@realestateattorneynjny.com
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