Bank and Government Foreclosed Homes List in SC Grew in 2010- By: Scott Zahid
In South Carolina, the number of houses in bank and government foreclosed homes list grew by as much as 31.4 percent in 2010 as compared to 2009. The said report came from a reliable real estate tracking company which has been in the business of providing similar reports since the collapse of the mortgage industry.
According to the report, there were about 33,063 homes that were involved in some kind of foreclosure case, from default to actual foreclosure or repossession. The said figure includes foreclosures in Fountain Inn, SC. Such figure also represents at least 1.6 percent of the total number of homes in the state.
Overall, the number of real properties in South Carolina foreclosure listings placed it on the 16th place among states with the highest foreclosure rate. States which have a higher number of homes in their bank and government foreclosed homes list include Georgia and Florida.
Nevada closed the year with the most number of foreclosure cases filed. By the end of 2010, there were 106,160 foreclosure filings in the state, accounting for over 9 percent of the total number of homes. On a national level, there were 2.8 million homes which entered some stage of foreclosure. This shows how serious the housing crisis is and why such problem triggered a recession.
It was also believed that the number of foreclosure homes in bank and government foreclosed homes list should have exceeded 3 million. But because of the problems experienced by lenders and servicers with regard to their documentation, there was a significant decline in foreclosure filings during the last quarter of the year. Unfortunately, all those stopped foreclosure proceedings, believed to be as many as 250,000, will be restarted and will be added to the figures of 2011, which is also expected to be considerable.
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