Bank Foreclosed Homes and Foreclosures in Freddie Mac Decline in SC

by on Foreclosure Crisis

Foreclosure rate declined in South Carolina for the month of October 2010 compared with September. Total number of foreclosures, including foreclosures in Freddie Mac, fell by 25% from the previous month, with the state recording the fourth biggest decline in foreclosed property numbers all over the U.S.

The number of foreclosed properties declined in almost all areas of the state, with Greenville foreclosure homes and other foreclosure types all recording lower numbers compared with a month ago. However, when compared with October 2009, the number is actually higher by around 6%.

According to housing industry analysts, bank foreclosures for sale in South Carolina contributed the biggest percentage to the decline. Most analysts are of the opinion that foreclosure numbers would have been bigger if not for the halt in the sale of foreclosed properties brought about by the robo-signing and documentation issue which prompted lenders to implement an almost country-wide moratorium.

The total number of bank owned foreclosed properties and foreclosures in Freddie Mac for October landed the state in the middle of the nationwide ranking for foreclosure rates at 23rd. One household out of every 670 in South Carolina was under foreclosure in October. The ratio is considerably better than the national average of one household per 389. October 2010 is also the 20th month in a row that more than 300,000 homeowners all over the country had received a notice of foreclosure.

Counties like Georgetown, Florence, Sumter and Newberry recorded the biggest declines in homes from bank foreclosures in October, with percentage declines reaching at least 50% in all the four counties. However, when compared with October of last year, both Georgetown and Florence's foreclosure totals were considerably higher.

In the South Carolina Midlands, all counties recorded a decline in foreclosure totals compared with October 2009 except for Lexington. Newberry posted the biggest drop, with the county only having three foreclosures in October, giving it an 84% drop when compared with 2009 figures.

For the Lowcountry area, all counties recorded fewer bank foreclosed properties and foreclosures in Freddie Mac. The Upstate counties of Spartanburg and Anderson posted higher numbers for October compared with September 2010, but have lower foreclosure totals when compared with October 2009.

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