A number of owners of homes for auction in Myrtle Beach, SC and in other areas of the state have trekked to Columbia in the past few days to attend an event organized by lending firm JP Morgan Chase, which aims to assist troubled homeowners in avoiding foreclosure. JP Morgan mortgage holders from various parts of the state who have been struggling to pay their monthly loans have come to the event to find out if they can find help.

Data for the state showed that more than 90,000 mortgages in South Carolina are serviced by the lender, with a big percentage of them already facing possible loss of properties to foreclosure home auctions in SC. In the event, 45 mortgage experts were on hand to provide advice to homeowners and also discuss possibilities of modifying borrowers' loan terms. Organizers of the event revealed that military families will be given special attention during the meeting.

Officials from the company stated that the event is not promising an outright outcome, but they can assure homeowners who are facing troubles paying their loans and are in danger of losing their houses to a sheriff sale auction that they will be provided with a definite idea of what steps they need to take and will also be provided with a single contact point to avoid confusion in future negotiations.

According to JP Morgan, they sent around 2,400 notices to homeowners in South Carolina, particularly those whose properties are in danger of being offered at public real estate auctions. These notices encouraged borrowers to attend the event so that they can negotiate for modification or get advice on what to do next. Local housing market observers have claimed that the event would be beneficial, particularly for military homeowners who have largely complained of the way the bank has handled their mortgages.

Organizers reported that aside from loan modification that can save a home from a sheriff sale auction, borrowers will also be presented with other options, including short sales. Some homeowners who were able to attend the event in the first day reported that they received information package and contact info on the person in charge of their case.

Hope for Homeowners at Risk of Losing Homes to Sheriff Sale Auction is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

According to local analysts, foreclosed properties offered at Columbia home auctions might be common, but there are other less-noticed areas in the state that actually have the bigger potential to endure a long-term home market downturn. In certain areas of the western part of Greenville, analysts reported that more than half of the mortgage loans taken out during the real estate market boom are high-cost or have interest rates that are way higher than those found in comparable Treasury security.

When the number of foreclosed homes for auction in South Carolina started rising, these adjacent zip codes in these corridors posted the biggest number of high-risk mortgages; with delinquent payments, foreclosures and vacancies escalating to a level higher than in other parts of the state. Analysts revealed that the main concern right now is whether these sections of the metro region have the ability to prevent the Greenville housing market from achieving a sustained recovery.

They also stated that efforts to increase income in the whole region will not work if certain areas continue to suffer from high number of foreclosures and bankruptcy auctions. They also claimed that addressing the problem at these local markets is a must if the whole Greenville and the whole state are to rebound from the housing market crisis.

Housing market experts have reported that the impact of the rise in the number of properties falling under a foreclosure home auction is already being felt in the western part of the county, with unemployment rising faster than before and abandoned houses and lots starting to appear in neighborhoods. They also reported that majority of borrowers in the corridors who are behind in their loan payments are those that took out traditional loans, not subprime mortgages. Analysts reported that this shows that the face of the foreclosure problem has changed.

With foreclosures, unemployment and bankruptcy auctions continuing to rise in these areas, analysts are recommending a head-on approach to the problem. They revealed that localized efforts are needed to make sure that these market pockets do not hold back the whole region from a recovery.

Foreclosures and Bankruptcy Auctions Highest in Certain SC Areas is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

Although Columbia home auctions did not attract as much buyers as the markets in the coast, analysts are hopeful that the area, along with the rest of the Midlands region, will soon record sales improvements. The last time Columbia posted a year-by-year sales increase was in 2006, Realtors have reported. They also predict that the first six months of 2011 will be a slow period for housing sales, but activities will start to pick up by the second half of the current year.

Statewide, sales of properties under South Carolina home auctions and those sold through other means rose by 0.2% in 2010 compared with year-ago levels, bringing the total to 47,034. Although the increase is minimal, housing analysts believe that this signifies that the worst of the crisis is over. The biggest sales decrease recorded in the state since the start of the crisis was in 2008 when year-over-year unit sales dropped by 24%.

The median selling price of residential properties last year, including REO homes, was pegged at $150,000 for the whole state, representing a 0.8% increase from 2009. In Columbia, housing unit sales totaled 6,248 last year, representing a 23% drop from a year ago. Columbia recorded the highest percentage drop in sales during the period in all regions of South Carolina.

Despite the drop in the sales of residential properties, such as those offered at home foreclosure auctions, the median rate of properties that were sold in Columbia increased by 1.3% to $141,000. In other areas, Beaufort recorded the best sales percentage increase last year at 22%, with Hilton Head and Myrtle Beach both posting 16% increases. Sales in Charleston climbed by 4.4% during the same period.

According to local industry analysts, sales of residential properties as well as REO homes will continue rising if the unemployment rate of the state continues to decline. Economists have reported that the job market of the region is slowly improving.

Sales of REO Homes and Other Residential Properties Up in SC in 2010 is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

Most respondents also believe that properties under foreclosure Charleston home auctions and foreclosures in other areas of the state should be sold for a cheaper price than regular dwellings. According to them, most distressed dwellings are in need of renovation and upfront expenses for appliances and maintenance.

In terms of whether it is important for them to know whether a house is part of South Carolina foreclosure auctions or not, an overwhelming 93% of respondents stated that it is important for them to know whether a residential property is under foreclosure before they make any decision to purchase.

One of the concerns expressed by majority of respondents is that foreclosed dwellings and pre foreclosure homes might be under-maintained or in poor condition. They did admit however, that purchasing a distressed house at this time might be a better investment than three or four years ago. According to them, the housing market crisis has resulted in significant discounts and has forced a lot of banks to favor buyers just to get the properties off their books.

For some, the decision to purchase a house under foreclosure auction listing should be made based on the financial status of the buyer. They stated that a buyer should consider the amount of money that he or she can afford to shell out and whether the property in question is worth the purchase price.

When it comes to the possibility of purchasing foreclosures, most Upstate respondents showed a willingness to go for distressed homes. Only 27.9% stated that they are less likely to buy a foreclosed property. In the Lowcountry and the Midlands, 21.4% showed an unwillingness to buy foreclosed residential properties.

Over 90% of respondents also revealed that, prior to conducting an ocular inspection of residential properties; they prefer to know whether the houses are pre foreclosure homes or foreclosed residences.

More Homebuyers Are Likely to Buy Foreclosed and Pre Foreclosure Homes is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.