foreclosures

Foreclosure activity is up through the United States on average. The over 230,000 properties that were in some sort of distress in October established a 7 month high with regards to the amount of distressed properties. In South Carolina there were 3,652 foreclosures filing in October which was the highest amount all year.

A report called the US foreclosure market report stated that 1 in every 563 properties has at least one level of foreclosure filing against it. In South Carolina this number is 571 according to the RealtyTrac report.

Charleston and Greenville counties had the most foreclosures in the state in October; Dorchester County had the highest rate.

It is speculated that our government stopping foreclosure activity from time to time is why some months of activity are much higher than others.

The 5 states in terms of foreclosure rate in October were Nevada, California, Arizona, Florida and Michigan which accounted for 53% of the national total for the month.

While more foreclosure activity is expected in South Carolina it is not the belief it will be as high as other states and it is believed by many professionals that an opportunity to buy a home at a discounted price is one that should not be ignored.

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Charleston Real Estate Agent says...
on 11/22/11

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I think I read in the nytimes recently that Obama is going to push for ways to streamline the short sale process, which would be fantastic.
The foreclosure mess is kind of like when you get a bunch of candy for halloween. It is better to just eat it all right away instead of picking at it over time. We just need to get all these underwater homes and short sales through the system so the market can stabilize.