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Foreclosed Residential and Farm Properties for Sale Up Slightly in SC

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By : John Cutts    99 or more times read
The number of farm properties for sale that are under foreclosure and distressed residential property totals inched higher last year in several South Carolina metro areas. However, the increase was relatively small, and most of the state's key metro regions posted foreclosure rates that are below 3% in 2010.

Last year, the number of Greenville foreclosure homes, SC increased, with the Greenville-Mauldin area recording a foreclosure rate of 1.89% compared with 1.51% in 2009. Of the over 200 biggest metro areas in the U.S., Greenville ranked 86th last year in terms of foreclosure rate. Three other South Carolina metro areas ranked higher than Greenville in the nationwide list of metropolitan regions with the highest foreclosure rates.

Although the number of foreclosure homes in South Carolina increased in most metro areas, the increases were considered minimal and the whole state did relatively well in 2010 compared with other states in terms of foreclosure activities. The highest national ranking for a South Carolina metro area last year was 48th, with Charleston recording a foreclosure rate of 2.74%, up from the 2009 level of 2.20%.

Meanwhile, the number of foreclosed farm properties for sale and distressed residential properties also rose slightly in Columbia in 2010. The Columbia area recorded the lowest foreclosure rate in 2009, at 1.23%. Last year, that rate rose slightly to reach 1.55%. According to housing market analysts, majority of U.S. metropolitan areas that have consistently topped the national foreclosure rate ranking posted decreases in foreclosure activities last year.

However, numbers remain high in most of these areas and 2011 is expected to be much the same as 2010 in terms of foreclosure activities. Analysts stated that the problem of unemployment and the lack of investors willing to purchase properties will remain major concerns for the whole country's residential property market during 2011. They added that any recovery that will be seen in the housing market this year will be minimal.

Although most metro areas of South Carolina recorded higher foreclosure activity numbers, including those associated with foreclosed residential and farm properties for sale, the state is still in a better position than other foreclosure hotbed regions like Nevada, Arizona, and California.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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