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.
Foreclosure statistics in the Baltimore area can be deceiving. While during the past four years the number of foreclosures in Baltimore has fallen by nearly 8%, the foreclosure market in Baltimore is still ripe. The percentage of foreclosures as compared with the number of homeowners in the city is nearly double in Baltimore what it is in Philadelphia. So while the number of foreclosures has dropped, the cities rate of foreclosure is still very high.
However, these are very different cities, so comparing them we can draw some conclusions that can be universally applied when examining the real estate situation in any city. Philadelphia is marked by a growing economy and a rising number of ocupants. New jobs have been created, and more people are moving to Philadelphia. Baltimore has been marked by a sluggish economy, and while statistics on how many residents were moving in and out wer enot available at the time of this article, it can be assumed that more people are moving out of Baltimore than moving in. Since the amount of foreclosures has gone down, but the rate of foreclosure has remained the same, it’s safe to assume that people have moved out of Baltimore.
Therefore, while it may be easier to purchase a foreclosure in Baltimore for less than in Philadelphia, buying in Philadelphia is probably still a better investment. Sure, more foreclosures on the market means better prices for investors, but the probability of turning a profit on that home in a city which isn’t experiencing growth could be difficult. Turning a foreclosure in Philadelphia for a profit may be more lucrative, since there are more people moving into the city, and thus the demand for real estate is higher.
It’s important to remember to consider statistics such as these when deciding which foreclosures to buy, where and when.
Foreclosure filings have once again increased during the third quarter, new statistics indicate.
Certain states have seen large increases during the third quarter as well. In Arizona, 5,348 properties went into some stage of foreclosure, a figure which has risen from 4,512 in the second quarter. One of the largest increases regionally came in the city [...]
Colorado continued to lead the U.S. in the foreclosure rate in August, with one national report showing that the number of foreclosures in the state spiked by 60 percent in one month.
The rate of foreclosure for Colorado in August of 2006 is 153% higher than it was in August 2005.
Statistics show 5,577 active foreclosures in [...]
Foreclosures in Indiana climbed this spring, along with interest rates and energy prices, which have been blamed for squeezing homeowners on a tight budget out of being able to make mortgage payments.
The Mortgage Bankers Associationreported that the percentage of mortgages that from 2005 to 2006, the rate of foreclosure rose to .43% nationwide. This figure [...]
According to recent studies on the San Diego real estate market, the foreclosure rate has risen 219% between July 2005 and July 2006. County records statistics show that in July 2005 there 345 properties in default in the city, whereas in July 2006 there were 756 homes in default.
As in other parts of the country, [...]
One of the many reasons contributing to the recent increase in the amount of foreclosures is the relatively new presence of loans available for little or no down payment to buyers. These loans came about in response to rising property values during the past few years, and were intended to allow buyers who were unable [...]
Foreclosure rates in the Chicago metropolitan area are still quite high, according to a new study. Will County remained the area with the highest foreclosure rate in the city. Grundy and Kendall counties held the lowest rate of foreclosure in the region.
On average, Chicago as a whole is going at a rate of one for [...]
