Jump to Navigation
We can handle your closing anywhere in the state.
Subscribe to This Blog's Feed

Repossessions on the rise in South Carolina

South Carolina residents have been benefitting from a stronger economy and higher home prices, but a report from May 21 has shown a troubling bit of data discussing the fact that foreclosure filings have gone up for April. The article reports that the number of foreclosures in South Carolina is up 2.46 percent from April 2014, which shows homeowners may be struggling.

With this information, it's important to also note that there were 2,338 properties foreclosed on in April, and that's 6.37 percent lower than in March 2015, even though it's still higher than in 2014. Foreclosure filings are counted in these percentages and include things like scheduled auctions, repossessions by banks and default notices filed with the state.

The increase in the number of foreclosures comes primarily from bank repossessions, which were up by 50 percent from the same time in 2014. This is the highest bank repossessions have been in the last 27 months. The higher number could be because many of the homes the banks previously obtained have now been sold off via auctions, allowing the banks to repossess more homes on the market.

The statistics for South Carolina now show that one out of every 917 homes is the subject of a foreclosure filing. Four hundred and thirty-three of 1,200 foreclosures that were started were completed, the article reports. The areas with the most foreclosures took place in Greenville with 246 in April, whereas the area with the fewest overall foreclosures was reported as Bamberg, which was tied with Calhoun with only three foreclosures for the month of April.

Source: Charleston Regional Business Journal, "Report: S.C. foreclosure filings for April up slightly from 2014 numbers," Ashley Heffernon, May 21, 2015

No Comments

Leave a comment
Comment Information
Tell Us About Your Transaction

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close
Visit Weeks & Irvine at One of Our Six Locations

North Charleston office 8086-B Rivers Avenue
North Charleston, SC 29406
Phone: 843-553-9800
Toll Free: 800-553-7449
Fax: 843-553-9804
Maps and Directions

Mt. Pleasant office
1100 Queensborough Blvd, Suite 102
Mt. Pleasant, SC 29464
Phone: 843-856-9800
Toll Free: 800-553-7449
Fax: 843-216-0930
Map and Directions

Mt. Pleasant North office
3040 Highway 17-A North, Suite B
Mt. Pleasant, SC 29466
Phone: 843-388-3250
Toll Free: 800-553-7449
Map and Directions

West Ashley office
873 Orleans Road, Suite 102 1/2
Charleston, SC 29407
Phone: 843-571-2996
Toll Free: 800-553-7449
Fax: 843-571-2998
Map and Directions

Summerville office
106 West 7th North St
Summerville, SC 29483
Phone: 843-875-7111
Toll Free: 800-553-7449
Fax: 843-875-7721
Map and Directions

Goose Creek office
567 Crowfield Blvd.
Goose Creek, SC 29445
Phone: 843-553-9100
Toll Free: 800-553-7449
Fax 843-553-9183
Map and Directions