It’s not often often that we can brag about being ranked at the bottom but this time we have an exception. SC ranks near the bottom of foreclosures in the country (38th), but the increase of foreclosures is increasing (87% increase 1st quarter 2007 v. 1st quarter 2008). That’s not as bad as it sounds because we’re still below the national average of 111%. I believe South Carolina’s below average foreclosure rate is due in large part to the predatory lending laws that our General Assembly passed a few years ago.
Most states are in worse shape. One in every 54 Nevada households received a foreclosure filing during the first quarter, the highest foreclosure rate among the states and 3.6 times the national average. Foreclosure filings were reported on 19,595 Nevada properties during the quarter, up 3 percent from the previous quarter and up 137 percent from the first quarter of 2007.
Source: RealtyTrac Inc.
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