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South Carolina in the top 9 states for most foreclosures

Foreclosures are still high in some states, making it clear that the recession is not completely over. The so-called foreclosure crisis in the states is now slowing and becoming a thing of the past, but for some areas, it still persists. If you're facing foreclosure, then you know part of the battle is being able to sell your home before you get to a point where you can't pay for it, or, if possible, you want to enter bankruptcy and protect your home until its value increases. The foreclosure information released has some good news, but foreclosure is still common in South Carolina.

It's true that fewer homes are entering the foreclosure process than before the housing bubble burst, and the number of people entering foreclosure is at a 10-year-low. Even though this is the case, it's still taking a long time for courts to process these bad loans, taking as long as an average 629 days for each foreclosure to close.

It can take years to rebuild damaged credit from a foreclosure, but with a plan of action, you can start rebuilding your credit as soon as you're through foreclosure or bankruptcy. Over time, you can build your credit back up to a point where you can get another mortgage or loan, so you don't have to stay out of the housing market forever.

South Carolina made the top nine states for foreclosures between May and June. There were a total 11,479 foreclosures filed, making the rate of foreclosure one person out of every 187. The number of foreclosures in the state has dropped by 13 percent since 2014, showing improvement in the state overall.

Source: USA Today, "States where foreclosures are stubbornly high," Christine DiGangi, July 19, 2015

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