Will 2014 be the year we finally say, the crisis is over for Columbia SC foreclosures?
According to Daren Blomquist, vice president of RealtyTrac, there is strong evidence to suggest that foreclosures are no longer a threat to the Columbia SC housing recovery.
The latest foreclosure data suggests the Columbia SC housing market is heading toward a more normal market, at least where distressed properties are concerned.
Foreclosure activity, which includes default notices, scheduled auctions and bank repossessions, declined 15% in November from the previous month, the biggest monthly drop since November 2010 when foreclosure activity plummeted following revelations of the robo-signing scandal.
Year over year, foreclosure activity was down 37%.
Columbia SC Foreclosures Drove Home Prices Lower
The unprecedented level of Columbia SC foreclosures in the wake of the housing bust drove home prices lower by more than 30% from their peak levels. In the hardest hit areas, the decline was even steeper.
After hitting a peak in 2010, foreclosure activity has been on the decline for the past three years as banks pursued other alternatives such as loan modifications and short sales to resolve problem loans.
While Columbia SC foreclosures are moving toward normal, there are other indicators in housing that remain depressed. Construction starts and household formation are still well below normal.
In addition, in some regions housing affordability is once again becoming an issue, as incomes remain flat, mortgage rates rise, and low availability of homes for sale are an ongoing issue. Most borrowers still have trouble getting a mortgage.
So not all is completely well with the housing market. But it is getting better.
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A 30-year Columbia SC home mortgage is considered by many the only way to go. But the question remains, are 30-year mortgages good, or bad? After all, our homes should be our biggest savings account, but some experts believe taking out a 30-year Columbia SC home mortgage is nothing more than glorified renting…
Check out our other articles and tips pertaining to getting a Columbia SC home mortgage by clicking on the Mortgage Info link to your right under Columbia SC Real Estate Categories.
Just because you’re experiencing a Columbia SC home foreclosure, it is not necessarily reason for you to also file bankruptcy. The government has extended the rule that excludes you from paying income tax on money owed to a mortgage lender, but only for one more year – through 2014.
Check out our other articles and tips pertaining to a Columbia SC home foreclosure and other mortgage related articles by clicking on the Columbia SC Mortgage Info link to your right under Columbia SC Real Estate Categories.
Getting a mortgage to buy a Columbia SC home is about to get a lot harder starting in January. That's when new mortgage rules go into effect that are almost certainly going to make it even tougher on folks getting a mortgage to buy a home or refinance an existing loan.
To learn more and stay current on getting a mortgage to buy a Columbia SC home, check out our other articles by clicking on the Columbia SC Mortgage Info link to your right under Columbia SC Real Estate Categories.