Foreclosures On The Rise In North Carolina

fore-closure-300x190Foreclosures are on the rise in North Carolina especially in Buncombe country. The mountainous region in the area could be the most affected in this regard in particular,  property which had been doing good business in the area.  Keeping up to the situation prevailing in the country in wake of the recession this region too has been badly affected in the real estate sector.

The N.C. Justice report which surveys  real estate matters has reported a rise in the number of foreclosures. There has been a reported 4635 foreclosures recently which indicates an increase. This organization has also been rallying for the low and medium income group people which might enable them to own homes of their own.

The prevailing situation is due to the fact that the recession has forced many out of their jobs. The other possible reasons could be the emergency medical expenditure and the loss of a spouse which could have accounted to a share of the family income. The situation in turn has forced people into moving into smaller houses at a lower rent.

Others are forced to live with other families while many others are tragically rendered homeless. Before the recession set in people could sell off their homes readily in case they were unable to pay off home loans. Bill Mcmannus a real estate who has been closely watching the foreclosure trend foresees many more people losing their homes.

The delicate thing about this is that in many cases the owners still occupy the house when the foreclosure proceedings are on. The problem of fore closures started to crop up when the recession set in the year 2008.