In Fairfield County, for instance, Foreclosures are at an All Time High

October 14th, 2009 | Tags: Foreclosures

foreclosures-high

The US economy is going through one of the most challenging phases. Unemployment is at its peak. As people lose jobs they are faltering on mortgage payments. Hence foreclosures are at an all-time high. Of late, there have been talks of the economy turning around but a close look at the statistics would reveal a different picture. In Fairfield County, for instance, foreclosures are at an all time high. In fact the region reported 690 foreclosures from the beginning of the year till end August. The number has shot past the figure that was recorded in the entire 2005.

Officials are of the opinion that the foreclosure numbers are increasing but not by leaps and bounds as they had in the last few years. Between ’04 and ’08, there was a major tide of foreclosures. This year the figure has more or less leveled off although at a very high mark. This was revealed by the managing attorney with Southeastern Ohio Legal Services, Benjamin Horne.

Statistics reveal that there has been a spectacular increase in foreclosures between ’03 and ’04. In 2003, there were 489 filings while in the very next year, the number reached 611, showing a marked increase of 25 per cent. From 2004-20005, it increased by 1 per cent, from 05-06, there was an increase of 22 per cent and between ’06-’07, foreclosures increased by 20 per cent. In the period between 2007 and 2008, foreclosure filings had increased by mere 6 per cent. Kelly Turban, an official in the Fairfield County Clerk of Courts, says that the drop in numbers could mean that more people are seeking assistance.

It may be noted that the Federal government had come up with Making Homes Affordable Program to help harassed homeowners. As part of this program, homeowners are entitled to receive down payment assistance. Their mortgage amount is also revised as part of the program. Turban does not work directly with those facing foreclosures yet she handles queries that any homeowner may have. Fairfield has started Save the Dream Campaign along with the Fairfield Metropolitan Housing Authority.

Horne observes that the Federal effort to save homes of people has run into rough weather, mainly because the people who should have received the help are not getting the assistance. Only 9 per cent of the eligible people have received assistance. Experts say that the fault lies with the servicing companies. It’s time the government sits up and takes notice.

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