No matter the area, Greenville, Columbia, Charleston, Spartanburg, Conway, Lexington or York or anywhere in between no area in North Carolina has been spared the results of skyrocketing foreclosures which was created by the national mortgage collapse and the negative effects it had on property values across the country. Every price range has been affected and no region has been left unharmed by the millions of risky sub prime mortgages provided to borrowers who could not afford their payments.
You should be buying foreclosure properties now. The unpredictable stock market leaves little opportunity outside of real estate for Americans to safely invest. People will always need a roof over their heads. This makes real estate in general and foreclosures in particular good investments during times of financial uncertainty.
Read more about how to buy foreclosures and educate yourself on the communities you are most interested in buying a foreclosure and start shopping here for the foreclosure home that meets your needs. If you are facing a pending foreclosure call a local real estate professional and determine what types of options you have. Your options will depend on your particular situation. Other variables in South Carolina include where your home is located, density of population, which can vary widely in the state, how much is owed on the home and how much the particular home is worth.
South Carolina is the 26h most populated state in the United States with the majority of its population living in one of the major metropolitan areas, Columbia, Charleston, North Charleston, Greenville, Spartanburg, Rock Hill, Florence, Hilton Head, and Myrtle Beach.
The unemployment rate in South Carolina is approximately 30% higher than the national average This unusually high number of unemployed results in an equally higher than average number of foreclosures. Compounding this problem is the higher than average number of new residents immigrating to South Carolina from northern states. These new residents create new housing needs, therefore more new mortgages and consequently more foreclosures.
Most foreclosures in South Carolina occur in the most populace cities of the state from Greenville to Hilton Head and from Spartanburg to Myrtle Beach no major concentration of residents is without a greater number of foreclosures than ever before in history. The market is there for smart investors.
Q. Does this mean that people in these areas don't pay their bills or that there are no jobs in these Cities?
A. No, this is because these Cities are the most densely populated in the entire state of South Carolina, concurrently the higher the population the more mortgages and the more foreclosures.
Q. Does the high number of foreclosures mean that people have given up or are leaving South Carolina?
A. No. South Carolina, is not unlike most other state in the country regarding real estate prices sinking under the pressure of foreclosures which were initiated by risky loans to unproven borrowers. South Carolina started with inexpensive real estate and now has home prices that are ridiculously low compared to the national average.
Q. Does this mean that the average home in South Carolina has lost more of its value than in other places?
A. Possibly. People are more likely to let their home go to foreclosure and walk away the higher the percentage of lost equity and the more upside down they are on their mortgage. Recent initiatives have also created an environment which has placed the majority of the blame on the banks and removed the financial stigma of being foreclosed on.
Q. Why would South Carolina be affected by a higher number of properties losing their value?
A. With a higher than average number of people moving to South Carolina the number of foreclosures also increases but must be put in context with the rest of the narrative of the national real estate crisis.