The South Carolina Supreme Court has ordered a halt to foreclosure proceedings. The reason for this is to allow home owners additional time to qualify for the Mortgage Modification Program and potentially remain in their home and avoid foreclosure.
From a real estate point of view this is a positive step that should help stabilize the current market. Not all, but many home owners will be able to remain in their homes and make their mortgage payments if they qualify for the program. This should have an impact in two ways; reduce current inventories of homes for sale and increase the average price of homes that are sold therefore increasing property values.
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