Steady Increase in Foreclosures

 As per the data from the office of the court clerk, the number of bank owned property listings in Rowan County has increased by 183 as compared to the same time previous year. Close of July 2009 recorded 362 cases of legal proceedings while the number shot up to 545 during the same time. Since 2006, total number of foreclosures has been increasing each year. According to Rowan County court clerk, Jeff Barger, the number of foreclosures in development this year is more, as compared to 2009.

Barger said, “Some have been fairly large developments.” “Most of them at that point were lots, and at that point, there’s no demand for them.” Moreover, due to the tough economic times many people are unable to repay their debts. However, Rowan County provides assistance to help people avoid legal proceedings.

Lou Adkins, working with Salisbury Development Corp., reported that the organization was contacted 116 times for assisting such people in the month of July this year. “If they can get to us, they’re not being foreclosed on,” Adkins informed. “I think most of the foreclosures are people who don’t know about us.” Adkins also added that the agency is currently offering loans at zero percent interest to those jobless people, with a payback period of 15 years.

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