In the South Carolina Lowcountry, More find themselves in Financial Vise

Posted by Kendall Harmon

Water pipes will burst and fires will ravage homes. Which is why Brad Hager thought his job as a damage assessor at an insurance company was secure, even in a nasty recession.

But executives at his small company decided to cut back as a precaution, leaving Hager unemployed and worried about making mortgage payments on the Summerville home where he and his wife, Melissa, are raising two young girls and a teen-age foster son.

The Hagers had prepared to wait out the tough economic times. Brad, a painter who saw business slow last summer, took the job at the insurance firm after intentionally seeking out an industry he thought was recession-proof.

"This is all so surreal. I still don't believe it," said Melissa while attending a recent foreclosure prevention seminar in North Charleston. "If it's happening to us, it's really bad."

Read it all from the front page of the local paper.

Filed under: * Economics, PoliticsEconomyHousing/Real Estate MarketLabor/Labor Unions/Labor MarketThe Credit Freeze Crisis of Fall 2008/The Recession of 2007--* South Carolina

Posted January 31, 2009 at 11:07 am [Printer Friendly] [Print w/ comments]

1. Chris wrote:

it was only a few years ago that Charleston played host to the TV show “Flip this House” on A&E;, which featured local realtor Richard Davis running around buying dilapidated homes, fixing them up and flipping them at a handsome profit.  Boy have times changed….

January 31, 4:40 pm | [comment link]
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