South Carolina foreclosure rate better than national average
April foreclosures nationwide dipped to the lowest monthly total since July 2007, according to the latest figures released by RealtyTrac, a national foreclosure research firm.
Nationally, 188,780 homes were under some form of foreclosure in April — one in every 698 homes.
Foreclosure activity decreased 14% over April 2011. But in many state and local markets, foreclosure filings increased, said Brandon Moore, RealtyTrac CEO. The decrease nationally reflects greater declines in some of the hardest hit states including California, Arizona and Nevada, he said.
“More distressed loans are being diverted into short sales rather than becoming completed foreclosures,” Moore said. “Our preliminary first quarter sales data show that pre-foreclosure sales — typically short sales — are on pace to outnumber sales of bank-owned properties during the quarter in California, Arizona and 10 other states.”
In South Carolina, foreclosure activity decreased overall. Activity decreased 4.8% in April over 2011.
One in every 720 homes in the state had a foreclosure filing — a total of 2,970 homes.
April foreclosure numbers
Published in the Charleston Regional Business Journal: Published May 17, 2012