Repo Homes For Sale Still on the Rise in South Carolina

Repo homes for sale continue to flood the housing market in South Carolina, particularly in Anderson County where almost 1,600 repossessed homes were listed. And industry experts see no easy way out of the foreclosure problem or to improve the situation.

Anderson County has been ranked by the South Carolina State Housing Finance and Development Authority as number 7 in terms of foreclosure rate. The agency studied several counties in the state, taking into account the average number of repo homes for sale, the volume of abandoned and vacant residential properties and the high-cost mortgage loans.

Anderson County interim administrator Rusty Burns described the foreclosure situation in the area as horrible. He blames the economic recession on the worsening foreclosure problem in the county. He laments the fact that many hardworking and honest county residents have been severely affected by the economic crisis and foreclosures.

Burns pointed out the devastating psychological impact of the foreclosure problem on homeowners and their families.

He said that the County Council decided not to increase taxes this year to help ease the burden on homeowners who are struggling to make their mortgage payments. He added that the council plans to hold business and energy seminars for county residents.

Meanwhile, the State Housing Finance and Development Authority has awarded Anderson city and two local nonprofit agencies with $2.17 million to allow the city to purchase repo homes for sale. The funds to purchase foreclosed homes sale were awarded in accordance with regulations set by the U.S. Department of Housing and Urban Development (HUD).

Anderson city?s director of economic and community development Erica Craft noted a great number of distressed properties in low-income areas. She said that the HUD tasked her office to identify areas in greatest need of funding.

On the other hand, GrandSouth Bank Chief Executive Officer and President Ron Earnest said that the economic downturn has made it difficult for county residents to own properties. He explained that his bank continues to underwrite home loans based on the ability of the borrower to pay.

In upstate South Carolina, job losses have affected the ability of residents to pay their monthly mortgages, according to Elaine Worzala, Clemson University?s director for its Center for Real Estate Development.

She advises homeowners who are facing repo homes for sale to talk to their lenders immediately to modify their loans.

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