Bank Repossession Rate Falls

The repossession of homes by banks may finally be declining somewhat.  Although the number of homes that are entering a state of distress does not appear to be declining, banks seem to be going through with foreclosures on less homes.  More good news is that home sales are slowly beginning to rise again, as well, offering hope for those who need to sell homes they can no longer afford.  Most counties in South Carolina are following these same trends that we are seeing in the Lowcountry.  The moratorium on foreclosures is beginning to rise, so it may be that foreclosures that are completed will be on the rise again, but with home buying rising too, many may be able to avoid a foreclosure that would have gone through a few months ago. 

Bank repossession rate falls in Q1; new foreclosures up