U.S. Mortgage Defaults Outpace Columbia, SC

Comparatively speaking, Columbia, SC homeowners are making their payments…

A South Carolina political blog (http://www.fitsnews.com/) wrote about foreclosure stats today. While the stats are true, I want to remind Columbia residents that most “doom and gloom” numbers are national in nature. The “home builder” that wrote the first comment (seen below) is dead on. The map above (please squint) reflects the relative health of South Carolina’s mortgage situation. FJ

FITSNews – March 6, 2008
– In the latest sign that our national economy pretty much blows at the moment, mortgage defaults reached an all-time high today. At least that’s according to the Mortgage Bankers Association of America, who may be a bunch of lying bastards for all we know. Assuming they’re not, though, here’s the bad news courtesy of the NYT:

The Mortgage Bankers Association reported Thursday that the number of loans past due or in foreclosure jumped to 7.9 percent, from 7.3 percent at the end of September and 6.1 percent in December 2006. Before the third quarter, the rate had never risen past 7 percent since the survey began in 1979.

1. home builder – March 6, 2008
While the rest of the country may be in the tank, South Carolina is in better shape, although perhaps not in great shape. Foreclosures are actually down in South Carolina. While the coastal market is not performing well, the midlands and upstate real estate markets are only down slightly from what were historic highs.

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