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Number of Foreclosed Homes and HUD Houses of Sale Rose in SC

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By : John Cutts    99 or more times read
All types of foreclosures, including foreclosed HUD houses for sale, have risen in number in the region of Charleston, South Carolina. The first half of 2010 showed the area having the highest foreclosure rates in the whole state. Meanwhile, Spartanburg, Columbia, the central western area and Grand Strand recorded lower rates of foreclosures compared with other local metro areas.

Columbia foreclosure investing remain on an even keel, with the metro region recording a rise of over 50% in terms of foreclosure filings during the first six months of 2010 compared with the first six months of 2009. However, when the last half of 2009 is used as basis for comparison, Columbia only recorded a 0.07%. Compared with other cities in the state, Columbia can be said to have done very well during the first part of the current year.

The number of foreclosure filings and South Carolina foreclosed homes for sale rose in most areas of the state, particularly in the Charleston metro region which recorded a 17.08% rise in filings during the first half of the current year compared with the same period of 2009. The region topped the state in terms of foreclosure filings.

Charleston metro had over 4,200 households in various phases of foreclosure during the January-June 2010 period. It also had the highest rate of distressed properties, including bank and HUD houses for sale, which has a represented ratio of one household for every 68 residences.

Greenville, on the other hand, recorded a 17.12% increase in filings and number of foreclosed homes for sale during the 2010 first half compared with the same six-month period of a year ago. Over 3,000 filings for foreclosures were recorded in the Greenville metro in January-June 2010, making it third in terms of areas in South Carolina that have the highest filings for the six-month period in focus.

According to local market observers, the ability of these regions to maintain housing market stability will depend on the condition of the state's employment in the coming months. They added that buyers' increased interest on foreclosed properties and HUD houses for sale is only temporary and is mainly caused by the tax incentive. Analysts have emphasized that job growth will still be the major factor that will drive housing market stability.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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