Re: Is the housing market getting worse in Greenville, SC? I thought unemployment was relatively low there!?

darenb — Mon, 12 Apr 2010 01:53:13 GMT

I like your username. I grew up in Kansas and remember visiting Ike's hometown of Abilene for a school field trip.

This is a good question. Although Greenville's unemployment rate is lower than the state of South Carolina, it is still relatively high at 11.2 in February, according to the U.S. Bureau of Labor Statistics. More importantly, unemployment is not the single driving factor of foreclosures. It is a trigger that can often push people into foreclosure, but it does not have an equal effect over all areas. Regions that saw a bigger housing bubble, overbuilding during the boom resulting in an oversupply of homes, and a higher percentage of homeowners owing more on their mortgage than what their property is worth (underwater) are much more susceptible to foreclosures caused by unemployment, and other triggers such as death, divorce, etc.

Also, keep in mind that the foreclosure rate in the RealtyTrac Trend Center is based on just the most recent month's data. It's good to look at the graph there that charts the city's foreclosure activity over time to get a sense whether February was an abnormally high month or if it is in line with other months. In looking at it myself, it looks like February is higher than the previous four months, but it is in line with other spikes in activity over the last year in Greenville.

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Re: Is the housing market getting worse in Greenville, SC? I thought unemployment was relatively low there!?