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South Carolina 6th in nation for foreclosure filings

If you're considering buying or selling off a foreclosure property, then this information about the state of the economy and foreclosure filings throughout the country can be of some help. If you're facing foreclosure, it can be a way out of debt, but there are also other options your attorney can talk to you about. Right now, South Carolina is still the home of many foreclosures, despite an improving economy that should slow them in the future.

Foreclosure rates in South Carolina have climbed up again following a period of time when the economy has been in recovery. According to an Oct. 15 report, there were a total of 2,384 properties up for foreclosure in September 2015, while there were nearly 20 percent less in 2014. This is interesting considering that foreclosure rates have dropped by 4.06 percent since August 2015.

One home out of every 899 was in a foreclosure filing in September, which is far higher than the national average of one out of every 1,210 homes. Nationally, foreclosure rates are up only 2.12 percent from September 2014.

Why are there so many foreclosures taking place now when there had been an improving economy in place? It's called deferred distress, and it took place because the foreclosures were held back for one reason or another. Now, they're finally moving and being sold off, and that's causing a jump in the number of foreclosures.

South Carolina is currently ranked sixth in the country for the number of foreclosures per housing units with one out over 311 housing units being foreclosed on in the last quarter.

Source: Charleston Regional Business Journal, "Foreclosure filings in South Carolina up almost 20% from last September," Ashley Heffernan, Oct. 15, 2015

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