The foreclosure market, along with the housing market has been fluctuating quite a bit in the last little while. Unfortunately, the rise in foreclosure rates has been something that has continued to shake the nation’s economy and real estate market.
The good thing is, the foreclosures in Greenville are on the decline and the foreclosure rate is below the national average. According to a report by RealtyTrac, the entire state of South Carolina has a seen a decline in foreclosure filings each month for the past several months. The reports information information shows that the entire state experienced an average of 2.41% decrease in foreclosure filings from March 2009 to April 2009.This information is extremely interesting especially when considering that nationwide, the foreclosure filing actually had an increase of close to 1%.
So what does this mean for us in Greenville, South Carolina? It certainly shows that our local housing markets are finally beginning to experience some stability. There have also been some organizations that are striving to help continue to build our local neighborhoods and help keep families’ homes out of foreclosures. Recently the South Carolina Association of Community Development (SCACDC) has teamed up with a few other organizations to initiate a program to help benefit homeowners who may be facing foreclosure. This program will help homeowners understand their options during pre-foreclosure stages as well as help them receive counseling from different institutions.
Hopefully we’ll be able to see our market continue to do well, and stay above the hardship of foreclosure. If you have any questions about foreclosure, or need any assistance with your property, please feel free to contact me.