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The Law Offices of Robert E. Brown, P.C.

Yes, Manhattan, It’s the Economy: World Class City Residents & Their Top Investments

The Big Apple, NYC, The City So Nice They Named It Twice, Gotham, Metropolis, or The Empire City, whatever you call it there’s no denying that New York City is the crown of New York state, and Manhattan is its jewel.

Manhattan: it’s big—23 square miles. It’s populous—1.63 million people, and growing. And it’s dense—with 70,826 people per square mile. In fact, Manhattan is the most densely populated county in the US, a density that far exceeds any city in the country and one of the most densely populated areas on the entire planet. New York City as a whole comprises over two-fifths of New York State’s entire population; think about that for a minute. The numbers are staggering.

Now let’s consider the economy. The Bureau of Economic Analysis (BEA), a division of the US Department of Commerce, defines personal income as “Income that people get from wages and salaries, Social Security and other government benefits, dividends and interest, business ownership, and other sources.” Personal income is something we are all impacted by daily, because the bottom line is you’ve got to be taking in more than you’re sending out, financially speaking. And by studying trends in Americans’ personal income, as well as economic surges, the potential for recession, job growth, unemployment rates, and more, we can often gain great insight into our financial health as a nation, as well as what we might expect in regard to future consumer spending. All these indicators are useful but they are not in any way a guarantee that all is going to stay well, even if the numbers look good. The world is changing faster than we can practically keep up with and though we like to think we know what’s coming, we don’t always. Market shifts can happen at a moment’s notice and they are unpredictable when they come. Just like the sailor who is at sea, reading all the navigation dials, studying the charts, watching the monitors, and gathering all the latest weather and oceanic data, and yet, in spite of all the preparation, finds they are suddenly at the mercy of a rogue wave, so is the average American when it comes to the economy. As a skilled, seasoned Manhattan, NY foreclosure attorney, we know what to watch for in regard to economic indicators, and we know how to respond when changes happen quickly.

The markets have been responding well in 2019 and early 2020, economic numbers have been looking good, and business has been increasing, but in a flash all that can change unexpectedly with the entry of one event. At the time of this writing, our good economy suddenly finds itself hit with a rogue wave of its own—coronavirus. The Dow Jones Industrial Average recently finished down an alarming 2,353 points. Aside from the market crash in 1987, and the two back-to-back days of double-digit percentage drops that precipitated the 1929 market crash, this recent market plunge (due in part to the global changes brought about by market fears over the coronavirus) is an historic low.

With markets changing and evolving, and being somewhat unpredictable, okay let’s be clear—very unpredictable, and knowing that populous cities such as NYC are greatly impacted by the markets, it’s easy to see how, in a moment, your life could change dramatically. Now it could change for the better for sure, if you win New York Lottery’s Powerball, which currently sits at a cool $120 million, so let’s all go out and buy a ticket, or two, or four, or ninety-eight! But most of us, even those who play Powerball, are not going to win much if anything in the NYC Lottery, and it’s more likely that we’ll see a market downturn at a moment’s notice than to see a windfall from a lottery or inheritance from a billionaire uncle we didn’t even know we had.

So what do we do? We prepare. We make smart financial choices; we invest wisely; and we check in regularly on our portfolios and stocks to watch for shifts and trends, in order to capitalize on good events, and cut our losses when things go south. This of course assumes we all have portfolios and stocks. The truth of the matter is, most of us have only one major investment, and that is our home. New Yorkers work very hard for their homes, condos, and apartments, and a quick shift into a bear market can change things rapidly. A lost job due to personnel changes, layoffs, or injury can impact your ability to keep up with a mortgage and can potentially put you into default. Banks are not often sympathetic when hard times befall us, and therefore we must prepare for the worst, so we can live in peace. One way to take the proactive step in securing your future, no matter what happens globally, is to make sure that all your finances, no matter what level you’re at, are in order. And as our homes are sometimes the only thing of value we own, we need to ensure they will be protected if misfortune comes calling, which it does from time to time.

Robert Brown | Manhattan, NY Foreclosure Attorney

If you are currently having trouble financially and have seen the proverbial writing on the wall in regard to your mortgage, reach out right away to an experienced attorney. At The Law Offices of Robert E. Brown, P.C., your premier foreclosure attorney in Manhattan, NY, we have traveled this avenue before, and we will walk you through all your options as we go. You might be troubled by your current financial situation, knowing that the real estate market is aggressive in Manhattan, and all boroughs for that matter, but we understand Manhattan, markets, and managing money. The 3 M’s, as we call it, are essential areas of knowledge needed for survival in an aggressive market such as Manhattan. As your Manhattan, NY foreclosure attorney we have the knowledge of NYC’s most celebrated borough, MANHATTAN, we understand how economic MARKETS work, and we know how to MANAGE financial issues that could impact your future, such as foreclosure.

Don’t let foreclosure ruin your life and take away the primary investment you have. Don’t let surprise market shifts put you on the street. As one of the top-rated foreclosure attorneys in Manhattan, NY, we understand your needs, and we have helped many clients who found themselves in troubled seas just like that rogue wave sailor. We can help you.

Robert Brown

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(212) 766-9779