As an effect of the economic recession, numerous homeowners in North Carolina are facing the possibility of having their properties foreclosed. Most of these homeowners reside in the mountainous area of Buncombe County. Even though the area has been doing well from the business perspective, the real estate sector has been badly affected by the recession.
According to the N.C. Justice report, 4635 foreclosures recently occurred in the state. This depicts an increase of foreclosure cases. The N.C. Justice is an organization fighting against poverty in North Carolina. One of its goals is to help people retain their homes.
This unfortunate growth in the number of people losing their homes is most likely due to the unemployment brought about by the recession. Other reasons can be the loss of a spouse who contributes to bringing in family income. Unexpected medical expenses can also be a cause of financial problems.
This foreclosure rise has forced people to live in smaller houses with low rental pay. Some families moved in with other families or relatives for a home. Unfortunately for some families with no other option, they were left homeless.
Before the recession in 2008, homeowners who could no longer meet the mortgage payments had the option to sell their homes. However, because of the downfall of the economy, Bill McMannus, a real estate expert, has observed more and more people losing their homes to loan institutions.
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