May
18

Foreclosure Rate Rises in Beaufort County

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Mortgage crisis hit home: Foreclosure rate rises in Beaufort County

May 18, 2008

By Jim Faber – Island Packet

In the first quarter of 2008, foreclosures surged 112 percent nationally over the same period a year ago, according to the real estate marketing firm RealtyTrac.

Beaufort County has not been immune to the crisis.

Foreclosures were up 118 percent in the county during the first quarter of 2008 compared with the first quarter of 2007, increasing to 70 from 32, according to RealtyTrac, an Irvine, Calif.-based company that collects foreclosure data nationally and publishes the U.S. Foreclosure Market Report monthly.

Separate figures are not available for northern and southern Beaufort, according to a RealtyTrac.

While the numbers might seem high, they’re much better than some other places.

One in every 1,117 homes in Beaufort County is in foreclosure. But in Chatham County, Ga., one in every 233 houses is in foreclosure, according to RealtyTrac figures. The national average is one in every 519 houses.

Nationally, much of the blame has been put on mortgages that didn’t require as much documentation as in the past or that were confusing to buyers.

Some lenders allowed buyers to borrow 100 percent of a home’s value, with no down payment. Many properties have lost value and those buyers ended up owing more on the home than it was worth.

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