December construction increased

The U.S. Census Bureau recently reported that construction spending in December increased 1.5 percent from spending in November to an annual rate of $816.4 billion, from $804 billion. December's annual rate was also 4.3 percent higher than December 2010's estimate of $782.9 billion.

Spending on private construction in December increased 2.1 percent from November to $529.7 billion from $518.8 billion. Residential construction spending was reported at an annual rate of $241.2 billion in December, up 0.8 percent from November's rate of $239.4 billion. Spending on nonresidential construction also increased 3.3 percent between December and November, increasing to an annual rate of $288.5 billion from $279.4 billion.

Despite signs of a recovering housing market, the Mortgage Law Group recently reported they are dedicating more of their time and manpower to the prevention of foreclosures, as an increased number of clients are faced with losing their homes. The Mortgage Law Group alone handled more than 1,000 foreclosure defense cases in 2011, and the number of clients seeking foreclosure alternatives continues to rise. The firm is working with struggling homeowners to educate them on their payment options and financial planning that can help them avoid foreclosure and improve their situation in the future.

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