Real Estate Foreclosure News Still Grim, Columbia SC No Exception

Foreclosure actions are still moving at record levels according to RealtyTrac’s April 2009 US Foreclosure Market Report. The report, which shows foreclosure filings-default notices, auction sale notices and bank repossessions, indicated a 1% increase from March 2009 and a 32% increase from a year ago in April 2008. The report indicates the highest monthly foreclosure rate ever posted since RealtyTrac began issuing its report in January 2005. Activities associated with the initial stage of the foreclosure process were highest which suggests that many lenders and servicers are beginning foreclosure proceedings on delinquent loans that had been delayed by legislative and industry moratoria. Based on these indicators, it’s likely that we’ll see a corresponding spike in REOs as these loans move through the foreclosure process over the next few months.

 

Top foreclosure rates were seen in Nevada, Florida, California, Arizona, and Idaho, respectively. Nevada continues to have the nation’s highest foreclosure rate with one in every 68 housing units receiving a foreclosure filing. In Florida, one in every 135 housing units received a foreclosure filing. One in every 138 housing units in California received a foreclosure filing. The following are levels of filings for Arizona (one in 164) and Idaho (one in 255). Other states rounding out the top 10 in foreclosure rates were Utah, Georgia, Illinois, Colorado and Ohio.

For more information on the Columbia SC Real Estate Market contact Ed Flowers Broker/Owner of EXIT Sandlapper Realty at 877-357-3948.