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South Carolina still among highest in nation in foreclosures

Despite decreasing foreclosure rates in South Carolina, the state remains among the top in the nation in foreclosures, reports RealtyTrac, an online real estate data website. The midyear report showed that statewide foreclosures decreased 13 percent over 2012, and 16 percent over the last six months of that same year.

Just under 1 percent (.08) of South Carolina homes went through foreclosure from January to June of 2013, placing the state within the top ten in terms of number of foreclosures. Nationally, over 800,000 homes were foreclosed upon, which is a 20 percent decrease from 2012. As of June, there were 1,441 foreclosure starts

 

The instances of delayed foreclosures are down in the state, thanks in part to an improving housing market. Lenders are finding it beneficial to dispose of distressed properties either by selling it to a third-party buyer or even just repossessing the home and selling it as a bank-owned property. 

Certain parts of South Carolina were harder hit by foreclosures than others. The Greenville-Mauldin-Easley area had an 8.04 percent rate of foreclosure; 23 percent in Anderson, 19 percent in Charleston, 0.66 percent in Columbia; 8.72 percent in Hilton Head, and 28.25 percent in Myrtle Beach.

There are many reasons why a homeowner can fall behind on bills. Despite an improving housing market, student loans, medical bills and high interest rates can make homeowners in South Carolina at risk for foreclosure. Homeowners behind on their mortgage should contact an experienced real estate attorney to guide them through their legal options.

Source: Greenville Online, "S.C. remains among states with highest foreclosure rates," July 11, 2013

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