Foreclosures increase, continue affecting prices and home values
Despite some positive signs lately, a new report about foreclosures shows they continue to burden the real estate market and home values.
RealtyTrac reported Thursday that foreclosure filings in the U.S. rose 9 percent in May compared to April. The Grand Strand area saw an increase in foreclosure filings as well.
Currently South Carolina has a foreclosure rate higher than the national average. The state has the 10th-highest foreclosure rate in the country. The Myrtle Beach area also has a higher foreclosure rate than the state average.
“I just feel like foreclosures are part of any economic downturn,” commented Anthony McMinn. Just two doors down from his Carolina Forest home is a foreclosure, but he does not mind. It is an easy stance for him to take, since he is not trying to sell, and because his house was a foreclosure when he bought it a year ago.
“We were able to get this property at a great deal,” he explained.
However, he understands others who bought their homes years ago may worry about foreclosures in their neighborhoods. Neglected foreclosures just add to a drop in values. So the new report showing a spike in foreclosures last month may add to the concern.
“If I was one of the people who bought a property in here when it first opened and almost $200,000 for it and somebody came in a bought it for 50 percent less, then I would have a problem because I’d have a problem with my mortgage,” McMinn explained.
Realtor Cliff Nolan said he is beginning to see more foreclosures on the market, probably because banks are now working through a back-log. Although neighborhoods in Carolina Forest have the most foreclosures in the area, no particular area is worse off.
“They’ve been careful not to saturate the market and drive it down, but there will be an influx here over the next couple of months of foreclosures on the market,” Nolan said.
He expects banks have many foreclosures that need to be worked through the process and even more to begin foreclosure action.
Paladin Securitization Auditors’ Comment:
Foreclosure numbers are growing daily. Of the one hundred twenty or so million homes in America, more than 4% or roughly 4.8 million of them are facing foreclosure. With foreclosures holding steady, the inventory of homes will increase, and prices will continue to fall. Even though interest rates are near record lows and affordability has improved, fewer potential buyers can qualify for new loans due to heightened credit standards. Paladin Securitization Auditors is dedicated to helping distressed homeowners like you to save your home from foreclosure. Paladin Securitization Auditors specializes in finding securitization fraud in your loan documents. They provide you with the ammunition you need to possibly postpone your foreclosure sale and sue your lender for punitive damages. Often times this results in the lender providing new, reduced loan terms and reduced principle balances. We provide information that may help you stop foreclosure in Florida, and across the nation.
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Simply fill out the form on http://www.paladinwestcoast.com and one of our experienced auditors will review your mortgage documents to see if a securitization audit can help your specific situation. Paladin Securitization Auditors has a 100% track record in finding fraud in every single file they have taken on.
Here’s a quick video that will provide you with some tips to see if your loan has been securitized: