Durham NC foreclosures up 35-percent from 2009
Foreclosures in Durham County NC are up 35% for the first half of 2010 compared to the same period in 2009, much of it a result of high unemployment. Between January and June this year, 985 properties began the foreclosure process.
“What is driving these now is unemployment,” said Chris Kukla, senior counsel in government affairs for the Center for Responsible Lending.
“People are going to find a way to pay their mortgage until they can’t,” he said. “If you don’t have a job for 18 months to two years, you’re going to run out of options.”
As of June 2010, there were 10,972 people unemployed in the county compared to 5,295 people in December 2007.
HAMP program not as helpful as hoped for
Anita Oldham, director of Durham Affordable Housing Coalition, said that counselors with her organization have been working with homeowners to move from temporary to permanent loan modifications, but are often told after many months that the homeowners are not eligible for a loan modification after all.
Oldham expects the high foreclosure rate to continue for a couple more years. “Industry specialists think they’re going to keep going up through 2014,” she said.
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Source: http://www.heraldsun.com/view/full_story/8877596/article-County-foreclosures-up-35–from-2009?instance=homefirstleft
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