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Federal housing aid to N.C. not enough, officials say (access required)

By Tara Ramsey With 40,633 foreclosures statewide and 6,726 in Mecklenburg County so far this year, the $280 million in federal assistance granted during the past month to North Carolina will undoubtedly be a blessing to those it is able to help. But while credit-counseling agencies are thankful for the aid for struggling homeowners, they fear it won’t be enough to address the problem. The federal Hardest Hit Program initially awarded $159 million in aid to North Carolina because of the state’s high unemployment rate but followed that with another $121 million in funding a week later. One official in the credit counseling industry believes foreclosures will continue to plague the housing market during the next few years until the high unemployment problem is resolved.

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