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Foreclosures jump up in South Carolina

While in the past, the blog has discussed the falling foreclosure rates in South Carolina, it's unfortunately on the rise again. A Nov. 17 report has declared that the South Carolina foreclosure rate has jumped up 31 percent, making the state the 8th highest for foreclosures in the entire United States.

What that breaks down to is one foreclosure for every 814 housing units. This has outpaced the national average, which has now reached one foreclosure for every 1,069 homes in the country.

One good thing that was shown is that while the foreclosures have risen over the time between September and October, the foreclosure activity in the state has actually dropped 9.7 percent when compared year over year. That is actually better than the national average, which is rated at an 8 percent decrease.

Is it unusual to see such a high number of properties in foreclosure this time of year? Not really, the RealtyTrac vice president pointed out. In fact, there is typically an 8 percent average uptick in October foreclosure auctions, likely due to the holidays coming up. This year has been higher than usual, but that just shows how the economy is still struggling and that distressed properties are still being cleared at foreclosure auctions.

Other states had higher foreclosure rates than South Carolina. Those included Maryland, Florida, Ohio, Illinois, Delaware, Indiana and Nevada. In South Carolina, the highest foreclosure rates were located in three counties, Dorchester, Sumter and Spartanburg, while Barberg, Clarendon and Georgetown had fewer foreclosures than most of the rest of the state.

Foreclosures can strike quickly after losing a job or struggling with an illness. If you're fighting one, make sure you know all your options. There may be alternatives to foreclosure you can opt for.

Source: GSA Business, "S.C. foreclosure rate up 31%, 8th highest in country" Nov. 17, 2014

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