A new study from Pew Research finds that 36% of Milennials – young adults aged between 18 to 31 – are living at their parents’ homes, the highest number in over four decades. A record 21.6 million young adults were still living in their parents’ home last year.
Declining employment and unaffordable housing has led to this alarming statistic. Economists are aware of the trend, but there is no consensus on how it can be reversed.
Geoffrey Broderick, the senior partner of the Resolution Law Group, says “Obviously, the job market is a contributing factor to this trend, but the key component is the price of housing. In a perfect economic system, the housing prices would fall to meet the available spending. However, as Banks continue to hoard ‘shadow inventory’ and housing resale prices are being manipulated, the problems inflicted on our society continue to expand.“
Mr. Broderick adds that “The housing market will continue to suffer until it is fixed by the Courts or the Legislature. Somebody has to fix the problem. That is why The Resolution Law Group continues its fight for homeowners. Homeowners cannot expect the problem to fix itself.”
The Resolution Law Group continues to prosecute ground breaking litigation in Federal Court on behalf of homeowners suing lenders and servicers for, among other things, the illegal use of MERS, robo-signing, and intentionally ignoring underwriting standards and encouraging inflated appraisals.
The Resolution Law Group is currently enrolling clients into the pending lawsuit. For further information, visit its website at www.TheResolutionLawGroup.com