On a little bit of a bright note, the Charleston area's foreclosure growth rate in the 2nd quarter was less than most metro markets in the state, and across the U.S., in general. The Charleston metropolitan area saw about 22% more foreclosures than in the 1st quarter, which was 93rd out of the 100 largest metro areas, as listed by RealtyTrac.com.
The point of all the business-speak being: We're still seeing more foreclosures, but at least the growth rate is lower. Does this mean it's peaked, and will start headed downward? Or maybe it was just a good quarter ...
From the Charleston Regional Business Journal:
Forty-eight out of 50 states and 95 of the nation’s 100 largest metro areas experienced year-over-year increases in foreclosure activity in the second quarter, according to RealtyTrac.com. That includes the Charleston market, which came in at 93 out of 100, with a foreclosure increase of 21.39% from the first quarter of the year.
Columbia at 40.68% and Greenville at 47.82% also fared better than most other major markets, ranking 77 and 88 respectively.
Nationally, the Palmetto State comes in at 35 out of 50. Second quarter numbers indicate one foreclosure for every 621 households in South Carolina. Nevada, the state ranking No. 1 in foreclosures for the second quarter, is seeing one foreclosure for every 43 households, RealtyTrac reported.