Hop Skip And 75% Foreclosure Jump For Greensboro

August 20th, 2007 | Tags: Foreclosure

The Greensboro-High Point metropolitan statistical area (MSA) saw the number of foreclosures jumping by 75% within the first half of 2007. The figures have been released by RealyTrac – a firm renowned for keeping track of the foreclosure scenario for a good number of years.

From January to June this year the region registered 1,336 foreclosure listings. The ratio is one house foreclosed for every 225 units. This is an increase by 75% as against the figures of last year during the same time span. Greensboro-High Point MSA now ranks 70 among the top 100 rankers nationwide. The figures are calculated on the filings listed per household. There are 1,270 properties with the stain of foreclosure. Some units registered multiple foreclosure filings. This factor accounts for the dissimilarity in the filing number and the property number.

North Carolina saw a 99% jump over 2006 figures with 17,428 foreclosures listings. It ranks 19^th on the national scene with one foreclosure for every 226 houses.

The 38^th position goes to Charlotte-Gastonia MSA. This is the largest MSA with one foreclosure for every 101 units.

Raleigh-Cary MSA ranks 60^th with one foreclosure for every 158 properties.

With slight differences here and there the overall picture is indeed grim. Wall Street is beginning to wake up, government has started hiccupping with politicians throwing the ball into each other’s courts. Tremors are being felt across the globe with stock exchanges catching on to the message of downward slump. A new group of professionals have hit the road with counselling in an attempt to rescue victims from the sinking ship.

The accusing finger is pointing to the sub-prime market that has lent out loans willy-nilly without taking into account the feasibility and viability of the scheme. Who would not like to live in a palace? But can the wish be a reality? The whole idea of the sub-prime project was to help those with weak credit to realize the American dream of owning a house. Initially there was little or no down payment and for about a year or so the monthly payment was interest-only. After the grace period things began to look ugly. The borrowers found it impossible to cope with the sudden rise in payment schedule. One by one houses began to be foreclosed. The lenders were not too happy either to sit on idle property. A chain reaction set in.

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