A report just released by RealtyTrac inc., shows that Greenville South Carolina had the lowest foreclosure rate in 2007 compared with the 100 largest metropolitan statistical areas. The 2007 numbers for Greenville showed a decline in foreclosures of over 73% compared to 2006.
State experts here site the regulation and oversight of the mortgage brokers here as a primary factor in the low foreclosure rates. The other factor that I have been telling my clients is that our annual appreciation rate for real estate has been in the 3 to 5% range for the past several years and this is a sustainable and healthy rate of growth. Home sales here have been slower than normal, but we are not seeing the pricing erosion seen in many other areas of the country.