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Foreclosure data, March 2008

I've talked about rising foreclosures in the past few days, The Post and Courier headlined the growing problem on Saturday so let's cut to the chase and look at the numbers.

Courtesy of RealtyTrac, in March, South Carolina ranked 35th of all the states, up from 37th in February. There were a total of 932 filings, up from 698 and one home went into foreclosure for every 2120 household in the state, up from 1 in 2762. It's certainly pretty bad news all around but put in perspective, nothing like the much more serious problems in the leading states.

Nevada, California and Florida continue to have the highest foreclosure rates while California, Florida and Ohio have the highest numbers of foreclosures. Click here for March 2008 foreclosure data from RealtyTrac.

 

         

Published Tuesday, April 15, 2008 6:36 AM by Howard Arnoff

Comments

# re: Foreclosure data, March 2008

You don't feel that those leading markets are also leading indicators?

rising tides raises all boats?

Tuesday, April 15, 2008 2:53 PM by js

# re: Foreclosure data, March 2008

JS, of course we are going to have increasing foreclosures but to compare the situation in California with anywhere in the US is insane, prices there have always been ridiculous. My brother lives in California and he bought years ago; he has said he could never afford to buy his home today.

As to Florida and Nevada, speculation was rampant, to compare a few flippers in Charleston to the thousands down there is worthless. Those markets were so overheated, the temperatures in the air seemed cool by contrast. Plus, Florida has people wanting to leave because of the financial mess the state is in plus high taxes and insurance.  

Now we certainly had some buyers take exotic mortgages here in the Charleston area with no understanding or no concern for the consequences. I was at a closing today and we had some time to spend with the attorney and we talked about some of the negative amortization products and teaser rates that were offered in the past.

He said he asked if the buyer understood that interest rates adjusted monthly with no limit and the payment would adjust after a year. At that point in time, a $250,000 loan would have a balance of $260,000. Qualification for the loan was based on making the first months payment. Underwriting was non existent or they simply looked the other way.

Well, the consequences of all that are pretty clear right now. So we will have some people in difficulty here in Charleston and foreclosures will continue to rise but not like the "leading" indicator markets.    

Tuesday, April 15, 2008 3:42 PM by Howard Arnoff
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