It is absolutely amazing to me how real estate is truly a "hyper-local" phenomenon. As the stars align and the socio-economic realities of a given region settle in, that region's real estate market will have quite a story to tell. Unfortunately for some markets, as is the case all too frequently lately, that story can be quite grim. For Greenville, SC, however, we continue to see positive data that confirms a very strong story for those of us who live here and for those who may be considering a move to the region.

As I went through my morning ritual the other day of surfing through various financial reports on money.com and the like, I came across a 2007 final wrap-up report on the rate of foreclosures within the top 100 major metro areas across the nation. #1 (as in the worst overall) was Detroit, MI (Detroit/Livonia/Dearborn). Throughout 2007 the greater Detroit area had the highest rate of foreclosures in the nation, at 4.918%. Detroit has been suffering from the double-whammy of a declining automotive industry and subsequent job losses, and a depreciating real estate market. This sad reality can afflict many other socio-economic circumstances throughout the region and can have a negative synergistic affect on the region, including the result of regression within certain neighborhoods that were otherwise historically upscale, pristine, significant, substantial and desirable. My own hometown of beautiful Grosse Pointe Park, MI sadly appears to be falling towards a path of regression.

As I scrolled through this foreclosure ranking list of 100 major metro areas, from Detroit, #1 on the list and the worst foreclosure story in the nation, down to the less afflicted areas, I was amazed and overjoyed to see Greenville, SC posted at the very bottom of the list, at #100! Yes, that means Greenville has virtually dodged the great foreclosure bullet and thus is quite a success story! This report confirms that throughout 2007 Greenville, SC had the lowest number of foreclosures at 306, and the lowest rate of foreclosures, at 0.082% of any major metro area in the United States! Now, as they say on those classy commercials we all love..."but wait, there's more!" Yes, there is more good news for Greenville, SC as this report also showed the % change from 2006 records. Greenville, SC boasts the strongest recovery rate of foreclosures in the nation from 2006 through 2007 at -73.47% (2007 VS 2006). That's almost a 74% reduction in foreclosures in 2007 VS 2006! Most notable is the fact that Greenville enjoyed the strongest rate of recovery, or reduction, in overall foreclosures of any major metro area in the nation, 2007 VS 2006.

This is incredible when you consider other areas around the country such as Stockton, Sacramento and Bakersfield, California which had suffered increases of foreclosures (2007 VS 2006) of 271.3%, 272.54% and 244.82% respectively.

On a personal note, I find it compelling and enjoyable to note that of the three regions or states in the country I've noted above, I have lived in all of them. I was born and raised in Michigan, which is now suffering as noted above. I spent many years in California. I graduated from San Francisco State University and then moved down to the beautiful city of Irvine in Orange County, California. After timing the real estate boom perfectly (thank God!) I sold my home in Irvine, made a good profit and moved my family to what I now believe is the perfect place to live, work, raise my kids and yes, to own and invest in real estate...Greenville, SC! I honestly can't say I was "that smart", but rather I have been very, very blessed and lucky! Yes, my gut feeling on matters and my due diligence and research has paid off and made a difference over the years, but I can't discount my belief in what may very well be guardian angels steering me towards perfect decisions for the well being of my family. But that's good subject matter for another time and place!

 So, to summarize in cave-man speak...."Detroit bad, Greenville good!"

Seriously though, joking aside, as a Realtor in Greenville, SC it is quite enjoyable to speak to my clients and be able to boast of our status of having the lowest foreclosure rate in the country and the strongest foreclosure recovery rate, year-over-year in the country!

Welcome to Greenville, SC! The #1 foreclosure success story in the country!

For a free copy of the report mentioned above, please email me at: kirk@kwrealtyagent.com

Moving to Greenville, SC? Call me for exceptional service as your Realtor: (864) 451-2402

Kirk A. Westervelt

Keller Williams Realty

www.kwrealtyagent.com