South Carolina Foreclosures on the Rise
February 7th, 2008 by 
Joseph Smith
The market for South Carolina foreclosures is certainly growing, as the state experienced significant growth in its foreclosure rate over 2007, much like rest of the southeastern region of the country. Bankruptices across the state, due almost entirely to the high costs associated with mortgage payments, were up 18% in 2007, leading to a huge surge in the amount of South Carolina foreclosure homes on the market.
Just like the much of rest of the country, South Carolina has experienced a widespread trend in adjustable rate mortgages and sub prime mortgages over the past few years, especially during the real estate boom which was the precursor the nationwide slump in the real estate market. People bought up homes with these attractive loans, which promised low introductory payments, but end up having fluctuating interest rates that can rise severely from month to month, making it hard for homeowners to keep up. This has lead to the sudden increase in bank foreclosures, government foreclosures and other types of repo home suddenly coming on to the market.
While these bankruptcies are unfortunate, it has led to a lot of surplus foreclosure real estate becoming available to homebuyers and investors. Foreclosed homes for sale often go for well below their actual value at foreclosure auctions, so they can be a great way to make a solid real estate investment that can be turned for a profit. Columbia, Spartanburg and Rock Hill could all become great investments, given their potential to rise in value again once the market evens out. And it will take people buying up real estate foreclosures like Greenville and Anderson in order to make the market even out.
Buying South Carolina foreclosures can be a great investment decision, provided you keep a close eye on the market and choose home sin neighborhoods that are likely to increase in value. A savvy shopper can turn a foreclosure house purchase into a huge profit.
