May
01

Foreclosures Up in Beaufort County to Start 2012

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Foreclosures statewide increased sharply in the first quarter of 2012, a trend especially apparent — but not yet worrisome, according to local real estate experts — in Beaufort County.

The number of lender-owned real estate properties rose nearly 40 percent statewide in the first quarter of 2012 over the final three months of 2011, according to California-based real estate research firm RealtyTrac.

Edward Dukes, broker-in-charge of Lowcountry Real Estate in Beaufort, agreed with some analysts who attributed the spike in part to the lingering robo-signing scandal.

Beginning in late 2010, banks had to halt thousands of foreclosure proceedings nationwide when it became known that related filings were being signed without being adequately reviewed, creating a backlog from which Dukes thinks the county has yet to fully emerge.

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