Richland County, South Carolina Looks For Foreclosure Relief
Richland County, South Carolina, is the most second populous county in the state with over 357,000 people residing and making their livings here. Sadly this Old South landscape is showing the damage caused by the foreclosure meltdown that has gripped the country. RealtyTrac reports there are currently over 142 homes newly in foreclosure in this county.
Richland County stop foreclosure specialist Michael M. Shaw, with an insight like few others willingly shared her views on what is happening in the local real estate market.
According to Mr. Shaw's research South Carolina's foreclosure rate climbed 20 percent in the first quarter of 2008 compared to the same period of 2007. While the number on homes in some stage of foreclosure in Richland County continues to rise some experts are reporting that the growth rate is slowing.
The root of the foreclosure meltdown here remains that numerous adjustable rate mortgages (ARM's) are resetting causing payments to increase dramatically. Also, property values in both counties continue to drop. The average listing period before selling is 7 months, so homeowners who are attempting to sell before the bank takes their homes are having very minimal success. She stresses that stopping foreclosure in Richland County will remain a challenge for some time to come.
The typical residence in foreclosure here are middle to lower middle class, the high dollar homeowners are clearly not safe either. There are numerous homes all over Richland County with values above $200,000 that are in some stage of foreclosure.
As with most of the nation, South Carolina has been hardest hit since 2006. Richland County has sustained a steady decline in real estate values since the sub-prime meltdown.
One surprising statistic is the number of overleveraged homeowners. Research indicates there are more who are upside down than not. There were a lot of unethical property appraisals done in the year or two prior to the sub-prime meltdown and people were paying way more for properties than they were actually worth. Once the adjustable rate mortgages (ARM's) reset the payments jumped as much as double and the foreclosures skyrocketed. The zero equity situations were inevitable.
To its discredit South Carolina has sat on the sidelines during this crisis. The state and local municipalities have done little to rectify the situation or counsel homeowners about their options. Any help now will be seen as too little, too late.
Generally, Richland County real estate values are flat or falling. The good news is that based on statistical evidence, this is one a few counties that are likely to recover much faster than many markets across the nation. Time and only time alone will bear this out.
Victim or Victor - the Choice is YoursYou could lose everything or you could come out of this with more than you ever thought possible. It all rides on your decision to contact us. The sooner you do that, the better the outcome. Get started and stop foreclosure now by answering a few questions for us . To Talk to Someone Now Call: 1-888-I-SAVE-80 There's no obligation. In fact the initial consultation is FREE. And that may be all you'll need to stop the foreclosure for good. Learn what you can do to avoid or stop foreclosure. |