By: Zack Habanero

South Carolina Real Estate is getting interesting again as HUD Homes Foreclosures and Repo’s Are Becoming Available due to Housing Market Changes and because of the flux in our economy.

HUD, the abbreviation for the Department of Housing and Urban Development, is an agency which oversees the FHA. The Federal Housing Administration, generally known as “FHA”, provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934. FHA foreclosures are called HUD Homes.

In effect what FHA does is to provide a security blanket for the housing industry which enables the industry to finance, build, sell and re-sell a large portion of the homes in America. When the economy shifts, as it is doing right now, the FHA is challenged to take over the quantity of home loans which fail and, through its’ brother department , HUD, find ways to get the properties sold back to the public.

FHA is to the American housing market what good parents should be to their children. They are there, not to do everything for them but, to help them get started and help them through tough times when necessary. Basically FHA primes the Housing Market pump and stands by in case it begins to falter.

Because so many homes which are FHA insured are currently being defaulted upon, the homes are being foreclosed, repossessed, and sold at auction. People who are in the market for a home in SC can benefit greatly by doing a little research and finding out what homes are available in the areas in which they hope to buy. Only Registered Real Estate Brokers and Agents can assist you in purchasing a HUD home. They can be found at www.HUD.sc