February 18, 2010

Foreclosure Rates Still A Big Concern

Even though we’ve been hearing for weeks now from our President that the ‘worst is behind us’, there are many that are skeptical about that statement.

With unemployment still at near record highs, the fear is that many looking for work won’t be able to keep up with their mortgage payments.

This is definitely an unfortunate situation, but it is by no means indicative of the situation we face here in the Fort Mill SC area. We’re very fortunate in that people are continuing to move to the Charlotte area and when they do, they’re quite frequently deciding to move across the border to Fort Mill.

I certainly expect this trend to continue, which means a strong Fort Mil SC real estate market.

clipped from www.politicsdaily.com

With continued high unemployment, fears are growing that jobless Americans won’t be able to keep up with mortgage payments, leading to a new wave of home foreclosures.

Those fears are compounded by the fact that a federal program aimed at keeping people in their houses hasn’t been as effective as hoped, the Los Angeles Times reported.

The goal of the $75 billion Home Affordable Modification Program, introduced last February, was to help banks make temporarily reduced mortgage payments permanent. But Obama administration officials concede the program has been slow to take off and they are considering revisions to make it more effective.

By the end of the year, economists predict 2.4 million borrowers could lose their homes, according to the Times. That would be an increase from 2.1 million foreclosures and short sales in 2009.