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Foreclosures still dropping in South Carolina

If you're interested in selling your home to avoid foreclosure or other problems, then you may be happy to hear that South Carolina has been doing better in terms of housing sales. With fewer foreclosures on the market, it's a good time to get the most out of your home's value instead of having to go through the foreclosure process. In Upstate South Carolina, it's been difficult for buyers to find foreclosure residential properties, possibly because there are actually fewer people entering foreclosure.

This trend is following state and national trends. Foreclosures are on the decline in areas including the Greenville-Mauldin-Easley metropolitan area, RealtyTrac claims. Overall, foreclosure rates have been down 29 percent during the first half of 2014 in the upstate. That data includes default notices, scheduled auctions and repossessions by banks.

Across the state, foreclosures have dropped by 30 percent from the same time in 2013, the report claims. Nationally, there has also been an improvement. There were a total of 613,874 U.S. properties in foreclosure in the first half of 2014. It may seem like a lot, but that's a 19 percent decrease from the previous six months and a 23 percent decrease from the first six months of 2013, according to RealtyTrac.

Of course, not all areas of South Carolina are out of the woods, but it's believed that foreclosures are no longer a widespread issue that threatens the housing market. In fact, Blomquist has claimed that over the next six to nine months, foreclosure rates should fall to normal levels and flat line, providing better consistency in the housing market. Some of the areas in South Carolina that have seen improvement include Hilton Head, Spartanburg and Charleston, the report states.

Source: Greenville Online, "Residential foreclosures shrinking in Upstate, state" Angela Davis, Jul. 21, 2014

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