Lucky for Greenville residents, foreclosures are at a low compared with the rest of the country. Around the rest of the country, foreclosures are at an all time high, due to adjustable mortgage rates and from excessive unemployment. Adjustable rate mortgages offer home buyers a teaser rate for a couple of years, making it affordable for them to buy. After the set rates period expires, the economical rates adjust to exorbitant rates, making the mortgage payments unaffordable. The homeowners fall behind their payments and are unable to refinance to lower fix rates. Many of their homes were appraised much higher than they are actually worth. These homes even drop below their actual market prices, due to the poor economy. It was impossible for these homeowners to sell their homes without still owing the banks money.

Unfortunately, many of these homeowners became prey to predatory lenders, because they did not do their homework or they were not really qualified to buy these homes. These lenders were fully aware of this and put clauses to make the rates exorbitant, which caused a foreclosure crisis. Hundreds of homes, vacant lots, and condominiums are up for sale at below market rates from the banks.

Many homes in around the country are going into foreclosures right now, because the homeowners are not taking advantage of governmental fixed rate loans. Many of these homes do not have to go into foreclosures, if the appropriate steps are taken. Some banks are working with the homeowners to help them keep their homes or preventing their homes from foreclosing. Banks are not in the commerce of selling homes. They are trying to get these homes off their hands by putting them up for sale at very economical prices.