South Carolina Foreclosure Rate on the Rise, Unemployment to Blame
The foreclosure rate in South Carolina continues to grow, and unemployment and high interest rates are widely seen as the culprits. The Mortgage Bankers Association notes that the job market in South Carolina has been sluggish as of late, with little new development or job growth. Many feel that people in the area are unable to keep up with mortgage payments due to the fact that salaires in the region have been shrinking over the past few years. Couple that with rising interest rates and loan payments, and you have the situation in South Carolina, where more homeowners are defaulting on mortgage payments and the foreclosure rate rises every quarter.
While nationally, about 1% of homeowners are entering some stage of foreclosure, 1.6% of homeowners are facing foreclosure in South Carolina. South Carolina, along with other regions in the southeast have been hotspots for foreclosure investors looking to capitalize. Now would be a good time to look into that option.
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