May 1st, 2011 6:31 PM by Jodie Ford
It seems like every other day, there is a new headline about foreclosures….and they sometimes seem to contradict one another. One headline may say foreclosures are on the rise, while another may say there has been a decrease in foreclosure numbers.
To help clarify this issue, let’s take a look at the different stages in the foreclosures process.
Delinquencies over 90 DaysOnce a mortgage becomes 90 days past due, it is generally becomes part of a bank’s foreclosure numbers. The reason for this is that less than 2% of those who fall 90 days behind are able to catch up on their payments. The remaining 98% will end up as either a short sale or a foreclosure. Homes actually in the Foreclosure ProcessOnce a foreclosure notice is received by the homeowner, the official foreclosure process has begun.
Real Estate Owned Properties (REO’s)Charleston AFB homes that have finished the foreclosure process and are now owned by the bank.
REO’s on the MarketCharleston AFB homes that are bank owned and listed for sale.
REOs SoldCharleston AFB bank owned properties that actually sell.
In SummaryTo better understand the foreclosure situation in the Charleston AFB market and what impact it may have on prices, you should contact a real estate professional. A Realtor can help explain what’s happening in Charleston and how it impacts you.
About Military Homes of CharlestonMilitary Homes of Charleston is part of the Exit Realty Charleston Group and is a full-service real estate team based in Charleston, SC. We understand the appeal of living in Charleston and the challenges that come with moving to a new neighborhood or state. So whether you’re looking to buy a dream property or sell one, we can help.
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