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Foreclosure rates drop from 2014 to 2015 in South Carolina

Foreclosures can be an exciting investment if you're in a position to buy, but for the people in areas suffering from them, foreclosures are a sign of debts that have become too overwhelming. There are alternatives to foreclosures for some, but others may find themselves moving out of their homes or even selling them in short sales to avoid foreclosures landing on their credit reports.

During the recession, many states were affected by the loss of jobs and income. Because of this, foreclosures have been higher there than usual, making them hot spots for buyers to pick up a cheap home while leaving other families without a home to go back to.

Some states were hit harder than others. According to data from July 2015, there are still states where foreclosure numbers are too high. In North Carolina, for example, there was one foreclosure for every 970 housing units. In Ohio, one foreclosure took place for every 923 housing units.

How did South Carolina fare? According to the article, one out of every 923 homes had been placed into foreclosure in 2014, while there had been one home out of every 987 homes placed into foreclosure in 2015. The statistics show that South Carolina's foreclosure forecasts are getting better, with fewer foreclosures taking place overall. Still, there is room for improvement, and if you feel you may be at risk of putting your home into foreclosure, you should look into other options with your attorney. Things like bankruptcy or short sales can help you prevent a foreclosure from being put onto your credit report, and bankruptcy options may give you a way to keep your home.

Source: Realty Today, "Foreclosures Long Shadow still Haunt these States," Sep. 02, 2015

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