Raleigh, N.C. — A group of local real estate agents who want to stop to the growing number of foreclosures in Wake County took to the streets Wednesday to help educate people about their options when buying a home.
"We don't want to see people losing their homes. So, we're trying to get out and educate people and work with people so they don't have to," real estate agent Darlette McCormick said.
House foreclosures in Wake County have nearly doubled this year, according to the Association of Community Organizations for Reform Now. In 2006, mortgage companies filed 169 foreclosures; as of June 20 of this year, the number was 283 for the year.
"It's very high, especially in the southeast end of Raleigh," said real estate agent Brenda Allison, who along with McCormick, is involved in the campaign "Save the American Dream for Southeast Raleigh."
The group is going door-to-door throughout the summer and plans to hold seminars to educate prospective home buyers about problems that can lead to foreclosure.
Predatory lenders are one of the biggest contributors to foreclosures, the group says.
"Because there's some loan officers that's here today, gone tomorrow," Allison said. "There's a lot of them that aren't in there long enough to be educated of what program fits the homeowner."
A good example of that, McCormick said, is a loan officer recommending the prospective homeowner take out an interest-only loan, which doesn't work for everybody because it requires the borrower to maintain a good credit standing.
"So, when it's time to refinance, they actually have credit problems," McCormick said. "Their credit is actually worse than it was when they got in their home, and they're not able to refinance."
Homeowners here say they are glad to see real estate agents trying to help, especially when they see neighbors who have already lost their homes.
Alert
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Breaking News: U.S. Highway 401 in Franklin County is closed Thursday evening between N.C. Highway 98 and Tarboro Road due to a wreck. At least one person was seriously injured and airlifted from the scene.
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Just In: A pedestrian was struck by a vehicle at Duraleigh and Pleasant Valley roads in Raleigh Thursday evening. All eastbound lanes on Pleasant Valley are closed, police said. Expect delays in the area.
Real Estate Agents Spread the Word on Avoiding Foreclosures
- Reporter: Beau Minnick
- Photographer: Bobbie Eng
- Web Editor: Kelly Gardner
RELATED TOPICS: Southeast Raleigh, Wake County, Raleigh
Copyright 2011 by Capitol Broadcasting Company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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I'm not picking on you, but this is a statement built on stereotypes. Yes I am sure you can find some in SE Raleigh with car payments as much as a third of their mortgage. You can find the same in Brier Creek. When you take a drive through SE Raleigh it's not new BMW's you're seeing in most yards. I too speak from experience. I've lived in 5 different Raleigh zip codes, the first of which was 27610 for just over 20yrs.
I'd attribute increase foreclosures everywhere to relaxed lending. The American way is to overspend, so there are foreclosures in the affluent zipcodes just the same. But, borrowers on the low end are more prone 2 foreclosure. Many have been forced into SE Raleigh by the high appreciation seen in much of Raleigh. It makes sense demographically that the SE area would have more foreclosures.
July 6, 2007 12:03 a.m.
July 5, 2007 6:48 p.m.
July 5, 2007 3:41 p.m.
July 5, 2007 12:35 p.m.
The biggest incentive is obvious...foreclosures in a neighbourhood tend to really depress prices thus driving down commissions for realtors. Foreclosed homes often require significant work to make them market ready or they're an outright dump job on the market to score whatever cash the lender can and there isn't the incentive for a realtor to represent other homes knowing how much harder they'll have to work to compete against the foreclosure.
Add to that consumer resentment against predatory lending and a view that realtors may not have done all they can to put the buyer into a reasonable mortgage...one might fear potentially onerous regulation from the government and no one really wants that.
Besides, some pro bono "education" is a nice mitigation effort in court when predatory practises morph into lawsuits.
July 5, 2007 10:58 a.m.