Augusta Foreclosure

On March 8, 2008, Glenn Hills High School in Augusta won the Georgia state basketball championship. It was exactly what the community needed. Like so many areas across the nation, the community has been bogged down with the troubles of the current foreclosure crisis. While the emotional victory (the first in the school's 40 year history) may have been temporarily uplifting, the stain of foreclosure is still very evident in the fabric of the Augusta community.
According to Realtytrac, in 2007, the metro Augusta area had 1,960 properties with foreclosure filings, which shows a rise of 4.53 percent from 2006. According to the Realtytrac rankings of the 100 largest metro areas, if the Augusta-Aiken area were large enough, it's foreclosure rate of .891 percent would be 57th in the nation.
The rising amount of foreclosures have also significantly impacted the housing market. In January 2007, the average length of time to sell a home was 93 days. In January of 2008, the number was up to 97.
According to the Greater Augusta Association of Realtors, the average sale price for homes in the Augusta area was 2.7 percent lower in January than in the same month of 2007. The average sales price for all homes in the Richmond, Columbia, and parts of Aiken, Lincoln, Burke, and McDuffie counties was $135,756 in January of 2007, compared with $132,109 in January of 2008. The list-to-sell ratio (how close the seller came to getting the asking price) was 98 percent in 2007 and 97 percent in 2008.
Also, in January of 2007, homes in the $350,000 - $400,000 price range were on the market the longest, with an average 288 days. In January of 2007, homes in the $30,000 - $40,000 price range were on the market the logest, with an average of 158 days.
Carmen Chubb, Assistant Commissioner for Housing for the Georgia Department of Community Affairs, says, "Nobody knows for sure if we're really at the point of where we've peaked out with the foreclosures. The most reasonable estimate that I've read indicates that we'll continue with this trend through 2009."
Sadly Augusta, is just one example in long line of desperate communities that have been ravaged by the foreclosure crisis. All across our nation, foreclosure are at an all-time high and homeowners are becoming fragments of an already destroyed American dream.
Assistance may be available to some homeowners. Studies show that many foreclosures could be stopped
homeowners would negotiate with their respective mortgage companies. Sadly, dealing with mortgage companies
is more complicated then just giving them a call and asking for assistance. They require an a lot of forms and the
correct paperwork to substantiate your claim before getting any real assistance. This can be time consuming and
frustrating for a once in a life time event.
There is, however, another option. Homeowners may try to inquire of reputable third-party assistance firms to help them negotiate with their mortgage companies. For example, the Lewis Mortgage Foreclosure Assistance Foundation has assisted homeowners with the negotiation process and can act as a go between for the homeowner. Their team of educated and trained professionals has assisted tens of thousands of homeowners to retain their homes. Organizations like Lewis may be the only hope as the darkest days of the foreclosure crisis lie ahead.
For more information, contact the Lewis Mortgage Foreclosure Assistance Foundation at 866-645-8551