Foreclosures and Bank Foreclosure Decline in Freddie Mac

Foreclosures and Bank Foreclosure Decline in Freddie Mac

"As compared to September 2010, rate of foreclosure declined in October in South Carolina. Total foreclosures, along with the legal listings recorded in Freddie Mac dropped by 25 percent since the last month. The state recorded the 4th biggest turn down in the number of foreclosed properties throughout the U.S.

Foreclosed property numbers dropped in nearly all regions of the state. Different foreclosure types along with Greenville foreclosed homes recorded comparatively low figures as against the previous month. But, it is higher by nearly 6 percent in comparison with October 2009.

The housing industry analysts hold that bank foreclosure offered for sale in South Carolina contributed the largest percentage to this decline. Documentation and robo-signing created a halt in the trading of foreclosed properties. This prompted lenders to put into practice a moratorium, which spread countrywide. According to most of the analysts, if this halt in sale of foreclosures were not created, the numbers would have increased further.

With total number of foreclosures and bank foreclosed properties of Freddie Mac in October the state ranked 23rd in the listing of foreclosures nationwide. In the month of October, in South Carolina, one house out of 670 was affected by foreclosure activity. This ratio was comparatively better hen compared to the national average one house in every 389. October 2010 is the 20th consecutive month when above 300,000 house owners throughout the country have got a foreclosure notice.

In October, counties such as Newberry, Sumter, Florence and Georgetown recorded the maximum decline in bank foreclosure homes, with the percentage of decline reaching to almost 50 percent among the four countries. However, in comparison to October 2009, total number of foreclosures of both Florence and Georgetown were considerably much greater..."

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