Hamilton County Scenario During Foreclosures

The impossible condition of increasing foreclosures have forced the local officials

to arrange for certain assistances to aid the buyers who feel literally troubled regarding the issue of buying homes from foreclosure auctions. However, with the ceasing of the foreclosure moratoriums and the increasing joblessness, experts studying the real estate scenario are fearful of the problem of foreclosures surfacing again by the first half of this year. It seems that the issue of foreclosures is back in action and the Hamilton County is the new victim of this process.

According to Nickie Schwartzkopf, who is Remax Properties agent and the president of the Chattanooga Association of Realtors, Unfortunately, I think we're going to see even more foreclosures. There are still a lot of mortgages whose interest rates are going to be reset in the next couple of years at higher rates and, with unemployment still very high, there could be a lot of people who won't be able to make their payments.

While Mayor Ron Littlefield observed that, We definitely have to have more counseling services available and more trained people in order to help those being affected by this growing problem. In Hamilton County the foreclosures have increased greatly to a high of 669 houses alone in the first quarter of this year. Foreclosures in Chattanooga is less than the other strong competent area markets like Georgia, Florida, California, Arizona and Nevada as per the records of the RealtyTrac.

RealtyTrac records feature that a maximum of 800 homes in the Hamilton County came across notices for foreclosures in the month of May alone while in Ooltewah the notices for foreclosures figured above the nationwide average as almost one out of each of the 228 families received notices.

The executive of the Real Estate Owned segment of Crye-Leike Realtors, Cindy Walker commented that, Chattanooga has never been as bad as most markets, but we seem to be getting a lot more than a year ago right now. At the same time Mr. Littlefield observed that, Our economy has held up better than most markets, but it is a large problem and, for anyone facing foreclosure, its a major tragedy.

The negative impacts of foreclosures seem to grossly affect the Hamilton County and the various regions like Ooltewah and Chattanooga as the first quarter of this year featured a great many number of houses receiving notices and also experiencing foreclosures alongside.

by: Julie Thompson

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