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Despite Many Lis Pendens Foreclosures, Affordable Housing Needs Rise

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By : John Cutts    99 or more times read
Despite the huge supply of low-priced lis pendens foreclosed houses in Myrtle Beach, South Carolina, a big number of area residents are still in need of housing. According to local housing market observers, even with prices at record lows, majority of families still cannot afford to buy a house in the area.

Myrtle Beach repo homes and distressed dwellings are offered at almost half their original prices, but with job losses mounting in the area, majority of households have lost all or half of their income. This prevented them from taking advantage of the low-priced dwellings being sold in the market and also resulted in more people unable to find a place to live in.

Even with huge amounts of South Carolina repo homes and foreclosures, homelessness is still a major concern in the region. Recently, the Myrtle Beach Community Appearance Board approved the construction of an affordable apartment complex geared towards homeless families and disabled residents. The project will be constructed by Home Alliance Inc. and is being funded by Neighborhood Stabilization Program money and grant funds from the area's community development unit.

Rental rates for the apartment units will range from $499 to $598, depending on the number of bedrooms per unit. The rate makes the apartments more affordable than the lis pendens foreclosed houses being sold in the city. In addition, those who will be chosen to live in the units will likely receive rental financial assistance.

According to housing market observers, even with dramatic declines in housing prices, a big percentage of the population is still unable to buy repo properties for sale and most are still in need of government-supported affordable housing assistance. The problem, local officials have revealed, is that funding for such projects are difficult to secure. With local budgets getting slashed due to loss of property tax revenue, local officials stated that not enough affordable housing units will be built to accommodate demand.

With lis pendens foreclosures expected to be even higher this year than the last, officials and nonprofit groups are escalating efforts to secure funding to build more affordable dwellings as they expect more people to end homeless this year due to foreclosures.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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