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The neighborhood-stabilizing program will serve to gain rehabilitation properties and develop properties to reduce the fall in the values of the homes. Anderson City Council Members consider the issue of foreclosure crisis to be of top priority for the current year as observed by Mayor Terence Roberts.

According to him, the various residents coming from different professions are facing the same problem with repayment of their mortgages. Cindy Wilson considers that the Anderson County is actually not so badly affected by the crisis of foreclosures. Moreover, the council of the County does not seem to come up with any major legislative moves to counter this situation of foreclosure crisis in Anderson County.

Cindy Wilson, a member of the Anderson County Council, said the council is not considering any sweeping legislation to regulate lenders. She said Anderson County has not been hit by the foreclosure crisis as much as other parts of the country. She believes that the Anderson County will be among those counties that will recover from this economic crisis faster. The council will accordingly render services to reduce the tax burdens of the residents of the county.

The vice president of Charles River Association International in Washington D.C., Marsha Courchane commented that the ones hit by the crisis of loans and mortgages should approach the ones lending the money, as they are the only ones who can work out a feasible plan to ease the situation for the borrowers. Since the occasion of great depression in the 1930s the nation has been hit by the crisis of housing and loans while the foreclosures are steadily gaining in momentum throughout the country.

Courchane further observed that, “The residents worried about the fact that their house price has fallen should not be worried. The house prices will rise again.”

Anderson Interfaith Ministries director for services is Nancy Henderson and according to her, the organization makes utmost use of Emergency Food and Shelter Program fund. This organization has also paid a month’s installment for at least 14 families who are apparently troubled by mortgage scenario.

Courchane further emphasized that the majority of the residents who have some property for investment do not have to worry much about the long term values as concerns those homes.

Usually the homeowners come to her organization for help when they are apparently two or three months lagging behind in their loan repayments as mostly the lenders commence the process of foreclosure at that point of time.

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The tough situation of foreclosures have affected the Anderson County as well and making the economic condition any better in Anderson County does not seem to be a possibility. The Anderson County has approximately witnessed 1,600 foreclosures as per the records of the RealtyTrac.

In relation to the worst foreclosure hit regions, Anderson County has ranked at the 7th position according to the South Carolina State Housing Finance and Development Authority. Studies were done in terms of the number of foreclosures, number of abandoned property, and the figure of high-end loans. The foreclosure scenario has been marked as atrocious by Rusty Burns who is the acting administrator of the County.

He further stressed that, “I’m sure it has everything to do with the economy. You have a lot of hardworking honest citizens that have been affected by the national economic situation. Not only is it a foreclosure, but the psychological effects on the people and their families is devastating.”

According to Burns, the Council of the County abstained from increasing the taxes for 2009 in order to heal the burden of loan repayments from people to some extent. The Anderson city and two of the non-profit institutions in the County received $2.17 million from the development authority. This amount was intended to help the city purchase foreclosed properties. The U.S. Department of Housing and Urban Development (HUD) regulations was also involved in forwarding this amount to the city.

The city’s economic and community development director, Erica Craft, commented that, “There tends to be more [foreclosure] units in lower-income areas. That is one of the reasons HUD charged us with identifying units in greatest need.”

The GrandSouth Bank, president and chief executive Ron Earnest observes that it is the economic conditions, which have added to the difficulties of the homeowners in the Anderson County. Moreover, the credit markets have become more constricted but on the contrary, the GrandSouth Bank has not come up with any alterations regarding high priced loans. According to him, the mortgage rates have specifically risen during the previous weeks.

Elaine Worzala, the Center for Real Estate Development for Clemson University, director, observed that the crisis of foreclosure has been aggravated by unemployment condition. She even commented that in Upstate South Carolina, market for luxury homes would be affected by the foreclosure crisis.

A neighborhood-stabilizing program is started in the city by the community development department.

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Though there has been a steep rise in the foreclosures, however, with an article posted on USA Today, it seems as if foreclosure in Rock County has worsened.

Immense publicity has let down the economic officials. Moreover, the shut down of the General Motors plant has taken the entire nation by rage. This incident has also left several people jobless, the highest number being in the Rock County.

Actually, with faulty information, it could be tough to gain the lost reputation. This was reflected in the case of Rock County. Not a single buyer turned up; when about six foreclosed homes were put on an auction, on a Wednesday morning at the Rock County courthouse.

No doubt, the news of Rock County foreclosures was no more upfront. However, with a single article posted on USA Today raked up the issue once again. To this, the Vice President of Government Relations, Don Cunningham remarked, “We certainly did see the article and did have some questions about the numbers that they were using for that”.

Rock County was the leader in foreclosures in the nation; and a newspaper graphic backed the fact. The data for which was collected by RealtyTrac, a popular company. However, this particular company revealed to WISC TV that the data used for the graphic was imperfect and partial.

Cunningham said, “”Certainly it will make our job a little bit more difficult, but we’re out there every day trying to make it happen”.

Foreclosure rates play a pivotal role in inviting more businesses according to economists. In fact, this insight could turn as a great hope as rightly stated by Doug Loon, the representative of the U.S. Chamber of Commerce.

Loon said, “”It’s an economic indicator. It could also say that there’s plenty of housing stock for your future employees at an affordable rate. But it does say there’s been a downturn in the economy. You look at the unemployment numbers and you can see that”.

Obviously, businesses would not consider the newspaper article to make significant decisions. Moreover, the data hardly projects the bigger picture of a concern. Still, it could be possibly said that a besieged community is rarely influenced by the positive perception.

To this, Don Cunnigham remarked, “Economic development and site location planners look at all sorts of data. They’re going to look at the negative and they’re going to look at the positive.”

The court clerks have submitted a detailed summary depicting the number of closures in Rock County, which is about 112 monthly, as calculated from January to April, 2009. The figure reveals a growth of nearly 46%, which accounts to an increase of 77 closures in a month as against 2008.

However, when compared to the actual graphic in the USA Today, it showed an average of 8.08 foreclosures in a month against the year 2008. This shows that the data was imperfect leading to nearly 1397% increase, as reported in the article.

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