Foreclosures Blog - Foreclosure Listings Nationwide » Foreclosure Crisis http://www.foreclosurelistingsnationwide.com/blog Information, Articles, Latest News and Listings of Foreclosure Homes Mon, 06 Feb 2012 18:23:45 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Foreclosure Listings Narrowing in Some Areas While Others Face Potential Increases http://www.foreclosurelistingsnationwide.com/blog/article/2073/foreclosure-listings-narrowing-in-some-areas-while-others-face-potential-increases http://www.foreclosurelistingsnationwide.com/blog/article/2073/foreclosure-listings-narrowing-in-some-areas-while-others-face-potential-increases#comments Mon, 06 Feb 2012 18:14:27 +0000 Elizabeth Rush http://www.foreclosurelistingsnationwide.com/blog/?p=2073

While some areas of the country continue to cut down their inventory of distressed dwellings, others are coming from a very deep bottom, causing their housing markets to move more slowly toward recovery. Some of the latter are also facing potential supply increases due to shadow inventories.

Foreclosure Homes

Areas Gaining Ground

Regions that are quicker at cutting down their foreclosure numbers are those that have more renters on hand as most investors who purchase from foreclosure home listings are focused on building rental dwellings. Demand for apartments has risen in various markets and most investors are very much aware of the opportunities that this trend offers.

Meanwhile, others are also recording higher home sales, although improvements may not be obvious given the number of distressed real estate that they need to unload. However, this does not mean that improvements are not happening in these areas.

The Long Climb from the Bottom

In areas like Nevada, California and Florida, signs of improvements seem to be non-existent. Nevada remains the state with the highest foreclosure rate in the country and analysts admit that it will take some time before the state recovers from the housing crisis.

In California and Florida, on the other hand, there have been signs of housing improvements, although not as obvious as in other regions, given the fact that these two states will be coming from a very deep housing bottom. In addition, both have some of the highest shadow inventories of foreclosures, which can further derail their road to recovery. Despite these not-so-bright figures, upward movements in the housing sector of both are being seen, although it will take some time before any improvement becomes obvious.

]]> http://www.foreclosurelistingsnationwide.com/blog/article/2073/foreclosure-listings-narrowing-in-some-areas-while-others-face-potential-increases/feed 0 Program Aimed at Lowering Number of Homes Under Foreclosure Listings to Be Expanded http://www.foreclosurelistingsnationwide.com/blog/article/2071/program-aimed-at-lowering-number-of-homes-under-foreclosure-listings-to-be-expanded http://www.foreclosurelistingsnationwide.com/blog/article/2071/program-aimed-at-lowering-number-of-homes-under-foreclosure-listings-to-be-expanded#comments Thu, 02 Feb 2012 12:13:20 +0000 Elizabeth Rush http://www.foreclosurelistingsnationwide.com/blog/?p=2071

The U.S. government is reportedly considering a handful of programs designed to prevent more homeowners from losing their properties to foreclosure home listings. Foreclosure relief and bank accountability are just some of the issues touched upon by the proposals.

Foreclosure Home

Although the housing industry is starting to stabilize, there is no denying that there are still a lot of homeowners that require some help. Whether new programs or an extension of existing ones will prove to be useful is another issue altogether.

Government Mulling Foreclosure Relief Effort

The U.S. administration is reportedly planning to expand its Home Affordable Modification Program until 2013 in an effort to help troubled homeowners avoid foreclosure. This government is said to be considering increasing the financial incentives for lenders to reduce at-risk homeowners' mortgage principal.

There is also another effort related to the housing industry, this time concerning banks. A multistate settlement focused on flawed foreclosure practices will reportedly only include cases that have something to do with documentation errors. This means that banks found to be involved in securities fraud and questionable loan origination actions will still be facing criminal liability.

What it Means for Homeowners

Homeowners facing mortgage troubles may benefit from the extension of the relief program since its focus is on lowering their monthly payments. As to the bank-related proposal, it may not be perfect, but one can be thankful that those who deliberately deceived will not be let off quite so easily.

Meanwhile, the number of new homeowners may yet increase during the year as more first time home buyers are expected to take advantage of the bargain houses under foreclosure listings that are being offered in the market. Industry observers believe that the cheap prices will attract more purchasers. And although mortgage rates showed an increase, they have remained near historic lows, which is something that most homebuyers have taken note of.

]]> http://www.foreclosurelistingsnationwide.com/blog/article/2071/program-aimed-at-lowering-number-of-homes-under-foreclosure-listings-to-be-expanded/feed 0 SBA Program Might Help Lower Commercial Foreclosure Listings http://www.foreclosurelistingsnationwide.com/blog/article/1873/sba-program-might-help-lower-commercial-foreclosure-listings http://www.foreclosurelistingsnationwide.com/blog/article/1873/sba-program-might-help-lower-commercial-foreclosure-listings#comments Mon, 04 Apr 2011 12:47:01 +0000 Elizabeth Rush http://www.foreclosurelistingsnationwide.com/blog/article/1873/sba-program-might-help-lower-commercial-foreclosure-listings Commercial foreclosure listings still pose a problem on the real estate market of Richmond, Virginia. However, the latest program from the U.S. Small Business Administration (SBA) might help prevent the number of commercial foreclosures from further increasing in the metro area. The program, initially instituted in February of this year, will be expanded to cover more small businesses.

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Commercial foreclosure listings still pose a problem on the real estate market of Richmond, Virginia. However, the latest program from the U.S. Small Business Administration (SBA) might help prevent the number of commercial foreclosures from further increasing in the metro area. The program, initially instituted in February of this year, will be expanded to cover more small businesses.

Foreclosure listings in Richmond might not be as high as in other metro areas of the U.S., but the region's real estate market was also unable to avoid the impact of the foreclosure crisis that hammered almost all areas of the country. The SBA program however, is being welcomed as positive news since it will help a big number of small businesses to refinance their mortgages that will mature at the end of 2012.

According to some real estate analysts, the program will help stave off further increases in commercial foreclosure listings in Virginia. The effort offers small business operators a chance to secure a more stable financing under the SBA 504 refinancing initiative, with holders of mortgages maturing before December 31, 2012 initially qualified under the program. Recently, news had emerged that the agency will extend the date to after December 31, 2012. Analysts have stated that the date change will help a lot of commercial borrowers avoid foreclosure, particularly those with loans approved during the economic downturn when values of real estate were inflated.

Analysts also believe that the change in the program will help prevent commercial foreclosure listings from rising further. According to sources, the SBA refinancing program is applicable to those whose businesses have been operating for at least 24 months. The debt that would be refinanced under the program should also be meant for owner-occupied properties.

Local market observers consider the program a great opportunity that will help address commercial foreclosure issues in Richmond and the whole state of Virginia which has also experienced increases in home foreclosures list. Eligible businesses have been encouraged to apply for a slot in the program which will reportedly be in effect until September of next year. Reports revealed that those who will qualify will be allowed to refinance as much as 90% of the current appraisal value of the property.

Commercial foreclosure listings in Richmond are not as bad when compared with other U.S. metro areas, but analysts stated that the program is still needed in the area and qualified businesses should take advantage of the opportunity, particularly as foreclosure numbers are expected to rise again this year.

]]> http://www.foreclosurelistingsnationwide.com/blog/article/1873/sba-program-might-help-lower-commercial-foreclosure-listings/feed 0 Houses from Repossession and Foreclosures Include Pricey Properties http://www.foreclosurelistingsnationwide.com/blog/article/1823/houses-repossession-foreclosures-properties http://www.foreclosurelistingsnationwide.com/blog/article/1823/houses-repossession-foreclosures-properties#comments Mon, 21 Feb 2011 13:38:47 +0000 Elizabeth Rush http://www.foreclosurelistingsnationwide.com/blog/article/1823/houses-repossession-foreclosures-properties Foreclosed dwellings and houses from repossession are not just regular single family homes anymore. A number of high-end properties have been foreclosed on in recent times as the housing market crisis spills over pricier estates and mansions. Recently, an estate in Virginia was sold at a foreclosure auction for over $15 million.

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Foreclosed dwellings and houses from repossession are not just regular single family homes anymore. A number of high-end properties have been foreclosed on in recent times as the housing market crisis spills over pricier estates and mansions. Recently, an estate in Virginia was sold at a foreclosure auction for over $15 million.

Richmond home foreclosures and other distressed dwellings all around the state have increased in number in the past few years, with expensive properties accounting for a higher percentage than before. One example was winemaker Patricia Kluge's estate, which was taken over by Bank of America. BOA put down a bid worth $15.3 million for the estate during a foreclosure auction.

According to documents filed in court, the bank filed a foreclosure action last month against the property in an effort to get $23.9 million of unpaid loans plus interest. The action was for the Albemarle House property, which was first entered into Virginia foreclosure lists in December of 2009 for a price of around $100 million. The price was subsequently reduced and ended up with a last listing price of $24 million. The estate features eight bedrooms, a helipad and stables.

The estate was just one of a handful of high-priced houses from repossession and foreclosures that have emerged in recent times. Bank of America is reportedly trying to find a buyer for the property. Meanwhile, the adjacent Kluge Estate Winery Vineyard was also taken over by Farm Credit for a price of $19 million in December of last year. The winery is set to be auctioned off in April of this year.

A number of investors who are looking for properties at foreclosed houses lists have reportedly shown an interest on the estate and the winery. Meanwhile, a development property also owned by Kluge was sold at a foreclosure sale last January 31, with Southern National Bancorp of Virginia Inc. taking possession of the said property after bidding $4.9 million.

According to local market analysts, these estates are not the only high-end properties that are being sold as foreclosures or houses from repossession. They stated that other similar pieces of real estate are currently available in the market, with several investors already showing interest on these pricey properties.

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]]> http://www.foreclosurelistingsnationwide.com/blog/article/1823/houses-repossession-foreclosures-properties/feed 0 Distressed Property Flipping Fights Neighborhood Blight in Illinois http://www.foreclosurelistingsnationwide.com/blog/article/1783/distressed-property-flipping-fights-neighborhood-blight-in-illinois http://www.foreclosurelistingsnationwide.com/blog/article/1783/distressed-property-flipping-fights-neighborhood-blight-in-illinois#comments Thu, 20 Jan 2011 18:43:03 +0000 Elizabeth Rush http://www.foreclosurelistingsnationwide.com/blog/article/1783/distressed-property-flipping-fights-neighborhood-blight-in-illinois Several areas in Illinois are starting to benefit from a federal government-supported program which involves buying a distressed property, renovating it and selling it to low income families. The program is financed by funds provided under the Neighborhood Stabilization Program (NSP) of the U.S. government.

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Several areas in Illinois are starting to benefit from a federal government-supported program which involves buying a distressed property, renovating it and selling it to low income families. The program is financed by funds provided under the Neighborhood Stabilization Program (NSP) of the U.S. government.

The high number of foreclosed properties in the state, including those under Elgin foreclosure listings, has resulted in record number of abandoned and empty houses. These unoccupied properties are causing neighborhoods to deteriorate and become less safe. In an effort to counteract the impact of the empty properties on communities, the NSP has provided several areas of the state with funds to purchase the abandoned foreclosed houses.

Lake County was one of the areas that benefited from the program, receiving a total of $4.6 million to purchase properties under Illinois foreclosure lists and renovate them to be sold to low-income buyers. Under the program, buyers of these renovated properties should have earnings that are below 120% of the median income for the area of Chicago or around $63,000 for a single person-household and $90,000 annual income for a household with four members.

The distressed property flipping program was approved by the U.S. Congress in 2008, but it is only now starting to be taken seriously by local authorities, residents, and industry members. The slow response to the program was attributed to general skepticism over its success potential. Some housing market observers have criticized the effort, stating that it will hardly make a dent on the high levels of foreclosed properties around the state.

Critics of the initiative have stated that only 20 home foreclosures are scheduled to be rehabilitated in Lake County. This number, critics have argued, is insignificant, given that the county has over 11,000 foreclosure-related filings issued in 2010. In DuPage County, on the other hand, seven dwellings have been chosen to be renovated among 10,600 foreclosed properties recorded in the area in 2010.

Meanwhile, other areas are still not making any headway towards using the federal funds to purchase foreclosed homes. Cook County has received $28 million to be used on the distressed property flipping program, but as of this January 3,  the region has only used $450,000, making Cook County the second area with the lowest spending rate among all U.S. regions that received funding from NSP.

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]]> http://www.foreclosurelistingsnationwide.com/blog/article/1783/distressed-property-flipping-fights-neighborhood-blight-in-illinois/feed 0 Listings of Federal Homes for Sale Are Just Part of the Problem http://www.foreclosurelistingsnationwide.com/blog/article/1623/listings-of-federal-homes-for-sale-are-just-part-of-the-problem http://www.foreclosurelistingsnationwide.com/blog/article/1623/listings-of-federal-homes-for-sale-are-just-part-of-the-problem#comments Fri, 19 Nov 2010 12:14:09 +0000 Elizabeth Rush http://www.foreclosurelistingsnationwide.com/blog/article/1623/listings-of-federal-homes-for-sale-are-just-part-of-the-problem Already suffering from considerable supplies of properties under bank foreclosure listings and listings of federal homes for sale, some areas of Texas are also facing rising number of homeowners association (HOA)-related foreclosures.

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Already suffering from considerable supplies of properties under bank foreclosure listings and listings of federal homes for sale, some areas of Texas are also facing rising number of homeowners association (HOA)-related foreclosures.

Foreclosure listings in El Paso and in other key areas of Texas remain a major problem for the region. This concern is further aggravated by reports of increased HOA foreclosures in some local areas. According to local reports, a number of homeowners are facing possible foreclosure despite paying their mortgages and property taxes on time.

Local housing market observers reported that some households that belong to their local HOA find themselves getting behind in their association dues, giving HOAs an opportunity to threaten foreclosure. Recent reports reveal that a considerable percentage of Texas foreclosures for sale may have been accounted for by HOA-related concerns.

Along with growing number of properties under listings of federal homes for sale and bank foreclosure listings, homeowners in Texas are also forced to cope with the challenges posed by HOAs, particularly among those who live in subdivisions where such associations are in existence. According to local housing analysts, the number of HOAs has risen in the state for the past few years and most of them are not regulated by state or county laws.

According to reports, some buyers trying to find foreclosure property listings have also found homes under foreclosures due to unpaid HOA dues. The number of such cases, realtors have reported, is on the rise in Texas. The areas where HOAs are mostly common are in Harris County and Houston.

Lawyers who specialize in handling HOA-homeowner disputes have reported that between 1985 and 2007, foreclosures filed by HOAs rose from 500 to over 2,000. They further added that most families facing HOA foreclosures are further burdened by the fees associated with the issue, primary of which are legal fees.

They reveal that in some cases, the legal fees and other charges are even higher than the amount of HOA fees that a homeowner is being sued for. Housing analysts have stated that this particular concern is starting to occur more often in Texas and further aggravates the impact of bank foreclosures and listings of federal homes for sale.

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]]> http://www.foreclosurelistingsnationwide.com/blog/article/1623/listings-of-federal-homes-for-sale-are-just-part-of-the-problem/feed 0 Complaints Rise As Home and Lists of Farm Foreclosures for Sale Jump http://www.foreclosurelistingsnationwide.com/blog/article/1608/complaints-rise-as-home-and-lists-of-farm-foreclosures-for-sale-jump http://www.foreclosurelistingsnationwide.com/blog/article/1608/complaints-rise-as-home-and-lists-of-farm-foreclosures-for-sale-jump#comments Tue, 16 Nov 2010 12:56:17 +0000 Elizabeth Rush http://www.foreclosurelistingsnationwide.com/blog/article/1608/complaints-rise-as-home-and-lists-of-farm-foreclosures-for-sale-jump As the number of foreclosed residential properties increases and the lists of farm foreclosures for sale grow, the level of fraudulent activities involving so-called debt relief businesses also rises in Ohio. According to the Attorney General's Office, the number of complaints against these firms has jumped by almost 200% since the start of the recession.

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As the number of foreclosed residential properties increases and the lists of farm foreclosures for sale grow, the level of fraudulent activities involving so-called debt relief businesses also rises in Ohio. According to the Attorney General's Office, the number of complaints against these firms has jumped by almost 200% since the start of the recession.

The AG Office also revealed that aside from debt relief businesses, companies offering rescue services to owners of properties under Columbus foreclosure listings and other foreclosed property listings in various areas of the state have also been cited in residents' complaints. The increase in foreclosure rescue service-related complaints is estimated to be at 250% since the start of the housing industry crisis.

Recent reports showed that state Attorney General Richard Cordray has filed a lawsuit against one of the firms that allegedly offers assistance to owners of home foreclosures in Ohio in setting up fake mortgage loan modification. According to Cordray's office, the firm has taken over $60,000 from homeowners in the state seeking mortgage modification.

Such fraudulent activities are reportedly escalating in the state at the same time that house foreclosures and lists of farm foreclosures for sale are increasing in Ohio. In the lawsuit, Cordray reportedly sought civil penalties in behalf of homeowners who allegedly paid up front fees of $2,500 in the hope of having their loans modified.

The practice of requiring upfront fees that are over $75 from owners of properties under listings of foreclosed homes for sale who are trying to get modification is deemed illegal under the Ohio Debt Adjusters Act. Several firms have been cited for this practice, with the Better Business Bureau (BBB) of Dayton and Miami Valley reportedly giving the lowest rating possible to a number of foreclosure rescue servicers and debt relief companies.

Local reports reveal that the said Bureau has rated the National Homeownership Assistance Foundation an F, along with two other firms associated with it, the VA Payment Reduction Notification as well as the American Debt Relief Foundation of Cincinnati. The three firms are allegedly cited in complaints filed to the BBB by the AG Office. Market analysts believe that more companies will be cited as the number of foreclosed houses and lists of farm foreclosures for sale continue to rise in Ohio.

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]]> http://www.foreclosurelistingsnationwide.com/blog/article/1608/complaints-rise-as-home-and-lists-of-farm-foreclosures-for-sale-jump/feed 0 Foreclosed Homes for Single Families and Economic Problems Will Go On http://www.foreclosurelistingsnationwide.com/blog/article/1599/foreclosed-homes-for-single-families-and-economic-problems-will-go-on http://www.foreclosurelistingsnationwide.com/blog/article/1599/foreclosed-homes-for-single-families-and-economic-problems-will-go-on#comments Thu, 11 Nov 2010 15:26:34 +0000 Jason MacDowell http://www.foreclosurelistingsnationwide.com/blog/article/1599/foreclosed-homes-for-single-families-and-economic-problems-will-go-on Although the recession is deemed to be over, economic problems and foreclosure-related issues, such as high levels of foreclosed homes for single families, are expected to spill over onto next year. According to economists from the Indiana University (IU), the weak recovery of the U.S. economy and employment problems will be much the same come 2011.

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Although the recession is deemed to be over, economic problems and foreclosure-related issues, such as high levels of foreclosed homes for single families, are expected to spill over onto next year. According to economists from the Indiana University (IU), the weak recovery of the U.S. economy and employment problems will be much the same come 2011.

Most economists forecast the same; that the housing market crisis characterized by huge supplies of Indianapolis home foreclosures and distressed properties in almost all areas of the U.S. will continue until next year. Among local economists, most expect some form of job growth in the state and in Indianapolis by 2011, albeit at a very slow rate.

Along with the continuous expansion of Indiana foreclosure listings, unemployment is predicted to continue to weigh down the state's economy. According to IU economists, Indiana might be able to gain around 55,000 jobs by 2011, but several more years will be needed to replace lost jobs that number around 228,000, particularly at the current rate jobs are being added in the state.

Mostly, economists expect the same problems by next year; with foreclosed homes for single families and unemployment being the primary factors that will hinder a sustained economic improvement. Local experts do expect some growth, but most agree that it will be minimal and nothing spectacular.

State economists have highlighted the problem of properties under foreclosure listings services, claiming that the ongoing housing market crisis is a significant factor that is dragging the region's economy down. According to housing market statistics, around 10% of 400,000 residences in Indianapolis are under foreclosure or are associated with delinquent mortgages.

Majority of experts believe that the next year's economy will be characterized mainly by uncertainty. They claim that it is not only the housing market that will be uncertain, but also the political climate, taxes, commodity prices, interest rates, the dollar and the policy of the Federal Reserve.

Overall, economists believe that the whole country's status will grow by around 3% in 2011. Next year is predicted to be better than the current year, but most of the current problems will remain the same, including the presence of high unemployment rates and high levels of foreclosed homes for single families.

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]]> http://www.foreclosurelistingsnationwide.com/blog/article/1599/foreclosed-homes-for-single-families-and-economic-problems-will-go-on/feed 0 Residential Foreclosures for Sale Hold Back Property Development http://www.foreclosurelistingsnationwide.com/blog/article/1587/residential-foreclosures-for-sale-hold-back-property-development http://www.foreclosurelistingsnationwide.com/blog/article/1587/residential-foreclosures-for-sale-hold-back-property-development#comments Tue, 09 Nov 2010 12:38:56 +0000 Elizabeth Rush http://www.foreclosurelistingsnationwide.com/blog/article/1587/residential-foreclosures-for-sale-hold-back-property-development LMC Group is exerting efforts to restart stalled subdivision development projects in Wilmington, North Carolina that were hit by the housing market crisis and have lost financing due to the huge supplies of residential foreclosures for sale in the area. The group brings together builders, lenders and property developers to find a way to continue the projects and in turn, improve the condition of the region's construction industry.

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LMC Group is exerting efforts to restart stalled subdivision development projects in Wilmington, North Carolina that were hit by the housing market crisis and have lost financing due to the huge supplies of residential foreclosures for sale in the area. The group brings together builders, lenders and property developers to find a way to continue the projects and in turn, improve the condition of the region's construction industry.

The whole state is suffering from high levels of foreclosed residential properties, including Fayetteville home foreclosures. This has led to the construction industry's near-collapse, which consequently dragged the values of properties down, causing developers to lose money that should have financed development projects.

With thousands of home foreclosures in North Carolina weighing down the values of properties, developers are forced by banks to come up with some cash since the lots that serve as collateral for developers' loans have long since lost value. Most developers are reportedly unable to come up with the required cash which results in foreclosures for majority of their development projects.

Since residential foreclosures for sale are expected to remain a problem, LMC opted to target lenders and developers directly to help revitalize the construction industry of the region. The group serves as facilitator between lenders and developers in an attempt to convince both parties to agree on a price for the pieces of land or lots.

The effort is designed to allow development projects to push through and for builders to continue the construction of houses at current market value that can compete against low-priced properties from foreclosure lists. With this strategy, LMC admits that lenders might have to accept some losses, but they will likely benefit more if projects continue and foreclosure is averted. The solution also means that the note is satisfied and the property developer is able to retain the title.

According to supporters of the strategy, it also provides work to builders and construction workers so it helps both in improving the housing market and the job market. In addition, continuation of development projects will produce tax revenue for the community. These benefits, analysts have stated, will help alleviate the impact of the huge supplies of residential foreclosures for sale on the area's housing industry.

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]]> http://www.foreclosurelistingsnationwide.com/blog/article/1587/residential-foreclosures-for-sale-hold-back-property-development/feed 0 SC Judges Find Problems in Lists of Bank Foreclosures Documentation http://www.foreclosurelistingsnationwide.com/blog/article/1581/sc-judges-find-problems-in-lists-of-bank-foreclosures-documentation http://www.foreclosurelistingsnationwide.com/blog/article/1581/sc-judges-find-problems-in-lists-of-bank-foreclosures-documentation#comments Mon, 08 Nov 2010 13:08:15 +0000 Paul McCain http://www.foreclosurelistingsnationwide.com/blog/article/1581/sc-judges-find-problems-in-lists-of-bank-foreclosures-documentation Paperwork for some properties under lists of bank foreclosures has been found to be either incomplete or missing, according to some judges in South Carolina who specialize in foreclosure cases. A number of court judges have estimated that one case out of four handled by state courts can have documentation problems.

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Paperwork for some properties under lists of bank foreclosures has been found to be either incomplete or missing, according to some judges in South Carolina who specialize in foreclosure cases. A number of court judges have estimated that one case out of four handled by state courts can have documentation problems.

State judges have reported that they halted the processing of properties in Columbia foreclosure listings and in other state area listings with missing or incomplete documents. They also temporarily stopped cases wherein lawyers who represent banks and lenders are unaware that the homeowners they are foreclosing on are still trying to find a way to save their properties.

Masters-in-equity or foreclosure judges have stated that they halt the processing of properties under foreclosure lists in South Carolina if their owners are being sued while in the process of negotiating with their banks. They also added that cases can be postponed up to two months and in rare cases, can be dismissed altogether.

A court order has reportedly been issued by state Supreme Court Chief Justice Jean Toal which stated that if enough number of cases involving properties under lists of bank foreclosures were delayed for long periods of time, she would allow foreclosure judges to dismiss these cases. Toal has reportedly added that banks that used short cuts in processing foreclosed properties will have to live with the consequences of their actions.

Meanwhile, recent housing market reports find listings of foreclosures in the state continuing to grow as more people lose their jobs and household incomes decline. In a span of three years, the state has reportedly lost almost 130,000 jobs, with South Carolina ranking sixth in the whole U.S. in terms of unemployment rates.

This, according to housing market experts, led to more homes getting foreclosed. The total number of houses scheduled for auctions in the current year is believed to be already higher than the total number of foreclosures for the whole 2009.

An estimated 4,600 dwellings were reportedly under foreclosure during the January-September 2010 period, a number which is only 150 properties short of the total recorded in 2009. The lists of bank foreclosures for October has yet to be added to the number and analysts expect the 2010 foreclosure total to exceed last year's figures by a considerable margin.

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