With everyone reading about the massive numbers of foreclosures across the country on the front pages of the paper each day and hearing about it on TV & radio, it is important to note that as a state and as a local region we are in a much better position than others across the country. Here is some data on foreclosures from the realtytrac.com website.
State rankings for highest number of foreclosures in second quarter 2008:
1. Nevada
2. California
3. Arizona
4. Florida
5. Colorado
South Carolina is ranked #35 in the country!
Locally, from first quarter 2008 to second quarter 2008, foreclosures are DOWN 33% in Charleston county, DOWN 9% in Dorchester county but UP 21% in Berkeley County.
It is very important to remember that real estate is a local business not a national business. Mistakes that have been made in regards to overbuilding and lending are affecting us in Charleston but not nearly as much as the majority of the country. Your comments and feedback on this are greatly appreciated.
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