Lisa Simpson
May 22,2009
In: Bank Foreclosures

Greenville Bank Foreclosure Listings

greenville-foreclosure

Greenville City is in Greenville County in South Carolina State of USA. The Greenville-Mauldin-Easley MSA has a burgeoning population. Greenville is situated half way between Atlanta in Georgia and Charlotte in North Carolina. It nestles in the foot of the Appalachian Mountains and is dotted with hills and knolls.

Greenville has been constantly undergoing changes with old buildings being demolished and being replaced with new. With much fanfare a downtown improvement plan was launched in the 80’s. This activity reached its peak during the housing boom frenzy but today in a more sombre mood the city as well as the county is plagued with Greenville bank foreclosure listings. The boom years of the last 5 years or so has waned giving way to innumerable Greenville bank foreclosure listings. Greenville was once known as the textile capital of the world. Many foreign companies were lured in with low wages and tax benefits. It is this local strength alone that might help the reduction in the number of Greenville bank foreclosure listings.

Houses find themselves on the Greenville bank foreclosure listings when the borrower defaults on a mortgage loan. The lender then issues a foreclosure notice with the permission of the relevant authorities. The houses included in the Greenville bank foreclosure listings then land up at auctions. But not all the units of Greenville bank foreclosure listings reach the auction steps because sometimes the lenders and borrowers reach a mutual understanding.

In February 2009 it was reported that in South Carolina the highest number of Greenville bank foreclosure listings are from Greenville County. To counter this menace a task force has been set up. It began working with 400 foreclosure cases across the county. Since the onset of summer 3,000 units have been repossessed by the banks – this being double the number of 2008 during the same time. Initially foreclosures had been slow to catch up with this area but now it is catching up.

According to RealtyTrac during the first quarter of this year less than 1% of the houses in South Carolina metropolitan areas have been foreclosed upon. The Greenville-Mauldin-Easley metro region has a rate of 1:171 during the first three months of this year. South Carolina had not been previously hard hit but it is now “starting to pop up” said Daren Blomquist of RealtyTrac. However despite this increase the foreclosure rate here is still lower than other parts of USA.