North Port: No Exception to Foreclosure

November 19th, 2008

No Exception to Foreclosure
North Port is no exception to the problem of foreclosure. As like others parts of US, this region also has been facing the real estate crisis. The homeowners are in serious problems. A large number of people relocated to this place once when there was a heavy boom in the housing market. They are now at loss. They really do not know what to do. The economy of the place is also suffering seriously due to foreclosure. The highest rate of foreclosure in North Port has been arrested in one zip code. There the rate of foreclosure stands at 68 percent.

The problem of foreclosure is forcing the distressed homeowners to just move on leaving their home abandoned. A large number of properties are found to be left vacant by their homeowners as they have no other option but to part with their home. One of the residents of North Port named Sarah Larios said, “In my immediate neighborhood, I’ve had at least five neighbors who just took off and went back north to live with their parents and in laws because they’re losing everything,” It has been found that nearly 350 houses have been left vacant by the homeowners in the North Port real estate area.

The bank has taken over the possession of these properties. The duty of taking care of these abandoned homes has been given to the city. Usually, when a homeowner moves out of his house due to foreclosure, the property is left in a miserable condition. It leads to overgrown weeds in the lawn with scattered furniture everywhere. So far in this year, the taxpayers have to take the burden of an amount equaling to $300,000. Steve Crowell, who happens to be the City Manager of North Port has said, “The appearance and safety of the community is our job, and this is something that’s not typically our job, but it’s become our job,”

North Port once upon a time owned the credit of getting nearly 4,000 building permits in a year. Crowell has said that if it can get 30 of them this year, then North Port should consider itself lucky. Something has to be really done to get rid of the problem of foreclosure here. Newly elected President Barack Obama’s foreclosure fighting plans might help the homeowners there. People have to just with extreme patience to see what is in store for them in the coming days.