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Foreclosures high in South Carolina

If you've been facing foreclosure in South Carolina, you aren't alone in your financial challenges. According to the news from Feb. 13, foreclosures have been reported as having been 33 percent higher in January after nine months of declining foreclosure numbers. This could be due to a number of factors, like shadow inventories, but it's worrying because it's happening around the U.S.

According to the story, foreclosure notices from the U.S. Foreclosure Market Report by RealtyTrac shows that bank repossessions, auctions and default notices occurred and were reported on 124,419 properties across the United States in January alone. Reports state that in general, nationwide, January saw a decrease of 18 percent for foreclosures. Still, that left approximately one out of every 1,058 households filing for foreclosure in January. South Carolina, unfortunately, has had an 11-percent year-over-year increase in foreclosure starts after eight months of decreased foreclosure starts, and that doesn't look good for the state.

You might feel like your state is not doing as well as some others in this housing market, but that's not the case. It's not only South Carolina suffering. Florida saw an 39 percent increase in foreclosure auctions, and New Jersey saw the same. In California, the increase in foreclosures was up by 57 percent.

So far, the news reports that RealtyTrac doesn't think the increase of these foreclosures will lead to any long term damage, since the market appears to be strengthening well. What could be happening is that the shadow inventory, the properties not on the market because of lengthy foreclosure procedures, could have just reached the market. This would make it seem like a lot more foreclosures are taking place now, when in reality, they were from months ago or longer.

Source: Greenville Online, "Foreclosures up 33 percent in January" Angela Davis, Feb. 13, 2014

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