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U.S. foreclosure filings jumped 33 percent from May to August

Recent statistics say that the percentage of foreclosures nationally jumped up 33 percent from July to August, and some observers are saying that is not necessarily bad news. That may depend on what side of a transaction the observer sits. Certainly someone in danger of losing their home is not encouraged by the increase in foreclosure activity. But real estate professionals and South Carolina real estate investors may see the news as generally positive because they believe the foreclosure inventory must be cleaned out before real estate prices can raise again.

South Carolina was the 14th highest state on the August list. Some observers have been predicting the increase for a while, noting that a foreclosure backlog had been created due to several factors. South Carolina and other states pursued litigation to temporarily halt foreclosures, contributing to a large decline in filings. Also, legal issues like robo-filing surrounded the manner in which lenders were processing the paperwork and further slowed the process. Now the delay appears to have been lifted, and proceedings are moving ahead.

The increased activity will understandably create a renewed emphasis on foreclosure options such as mortgage challenges and exploring alternatives to foreclosure. In addition, a deed-in-lieu of foreclosure and sometimes bankruptcy may provide assistance in meeting the financial challenges. An individual or family facing the possibility of a home foreclosure would do well to consult a South Carolina attorney devoted to helping solve real estate problems while making every attempt to avoid the loss of such a substantial financial and emotional investment.

Source: WMBFNews, "Foreclosure rate soars as banks send more notices to homeowners," Brandon Herring, Sept. 16, 2011

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