Forclosed Property Ruling Just a Temporary Relief
The South Carolina forclosed property ruling issued this week will just be a temporary relief for many distressed homeowners in the state, according to Don Schunk, a research economist at Coastal Carolina University.
Schunk said that for many homeowners, the forclosed property ruling would just mean a delay in the foreclosure process.
The economist argued that the forclosed property ruling would work only if the distressed homeowners are able to negotiate with their mortgage lenders and work an affordable repayment scheme. If more loan modifications are completed during the suspension period, then the forclosed property ruling would have an effect and would be able to reduce forclosed property inventories across the state.
The forclosed property ruling suspends the foreclosure proceedings for homeowners whose mortgages are held by one of the financial institutions which signed to participate in the Obama administration’s Making Home Affordable program.
In Horry County, foreclosure filings increased to 559 units in March this year, an increase from the 320 units in March 2008, according to a report published by real estate tracking service SiteTech Systems.
Another real estate tracking firm, RealtyTrac, said the forclosed property ruling could help about 5,000 distressed homeowners.
Hank Thomas, an officer at Century 21 Thomas, said forclosed property inventories in the area have been increasing since 2008. He said the foreclosure prevention ruling could help some distressed borrowers.
David Morrow, chief executive of Crescent Bank, said homeowners who have started negotiating with their lenders could be helped by the foreclosure prevention ruling.
Meanwhile, in North Carolina, 13 houses in Brunswick County have won green awards at the Parade of Homes event of the Wilmington-Cape Fear Home Builders Association for their eco-friendly designs and features.
John Urban Construction and Stevens Fine Homes, two construction firms in the area, also won awards for their designs for Wisteria Place and Parkside, respectively.
The builders were recognized for their efficiency features such as underground water systems and their use of natural materials such as bamboo.
About 65 houses were displayed on the parade this year, a decrease from the 100 units displayed last year. Participants said the decline was due to high forclosed property inventories across the states.
The building industry association plans to hold a parade of commercial real property designs this year, such as retail buildings, medical facilities and offices that have green features.
Search Foreclosed Properties in South Carolina Cities:
- Columbia Foreclosed Properties
- Myrtle Beach Foreclosed Properties
- Summerville Foreclosed Properties
- Greenville Foreclosed Properties
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