Foreclosures Fall in Most of Top Metro Areas

The Charleston, South Carolina area is a great place to live or have a vacation home. The weather is great, the beaches are fantastic, golf courses are abundant, there are many historical sites, the architecture is unbelievable, the dining is unbeatable, and the people are the friendliest in the country. It is because of these reasons that I believe Charleston SC Real Estate is truly unique. I look forward to helping you with any of your real estate needs in Charleston, Berkeley, or Dorchester counties. Today’s article is titled:


Foreclosures Fall in Most of Top Metro Areas


Foreclosure activity fell in 14 of the top 20 U.S. metropolitan areas in the first quarter compared with a year earlier, even though total U.S. foreclosures rose, RealtyTrac said on Thursday.

The declines in some big metro areas, however, reflected government efforts to stem foreclosures and did not indicate that the tide of foreclosures has turned, RealtyTrac said.

The Sun Belt continued to lead in foreclosures, with four Sun Belt states accounting for all of the 20 metropolitan areas with the highest rates in the first quarter, the real estate data company said.

But the majority of those top metro areas, with populations over 200,000, reported decreasing foreclosure activity compared with the first quarter of 2009, RealtyTrac, based in Irvine, California, said.

California accounted for 10 out of the top 20 metro foreclosure rates, followed by Florida with seven, Nevada with two, and Arizona with one, RealtyTrac said in a quarterly report.
Foreclosure activity declined on a year-over-year basis in eight of 10 biggest metro areas.
"The decreasing foreclosure activity in some of the nation's top foreclosure hot spots in the first quarter is largely the result of government intervention and other non-market influences, and not a sure signal that those areas are out of the woods yet when it comes to foreclosures," James J. Saccacio, chief executive of RealtyTrac, said in a statement.

He said a federal government program designed to encourage short sales, which was launched April 5, may have caused delays in the initiation of some foreclosures. In a short sale, a lender agrees to accept a sales price that is less than the amount owed on a mortgage.

RealtyTrac said 77 percent of large U.S. metropolitan areas posted year-over-year increases in foreclosure activity. Foreclosure activity nationwide increased 16 percent from the first quarter of 2009.

Las Vegas continued to post the highest foreclosure rate in the first quarter, with one in 28 housing units receiving a foreclosure filing, or 3.51 percent, 4.9 times the national average.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.

To look for Charleston SC Real Estate homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/

View my entire inventory of VisualTours of Charleston SC Real Estate homes at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

Copyright 2010 Reuters