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South Carolina among the states with highest foreclosure rates

Living with a foreclosure can be difficult for you and your family. You may be trying to get out of debt, and this may have been your last option. With the help of your attorney, you can put your home on the market, but until the bank repossesses it, you are still usually allowed to be in your home. That's one reason the statistics for foreclosures in the United States have been so confusing.

Foreclosures are still a problem in the United States, although many areas of the country are seeing an improvement in the economy. Unfortunately, a new report has shown that the number of homes in foreclosure have increased in the last quarter compared to the same time one year ago. The increase of 3 percent may seem small, but it's equal to one in every 404 residences being in foreclosure between July and September of 2015.

What is causing this rise in foreclosures, which you would expect to drop due to the recovering economy? Bank repossessions are to blame, and they skew the numbers. While there were a total of 327,258 homes in the stages of foreclosure, only 133,811 were actually entering the process. This means that foreclosures are actually down from 2014, bringing foreclosures lower than they have ever been since the third quarter of 2005.

While bank repossessions have suddenly soared, it could mean that years of foreclosures have finally been settled, letting families and individuals move on. In South Carolina, one in every 311 homes have been found to be in foreclosure, which is up 8 percent since the second quarter of 2015 and up 7.9 percent since the third quarter of 2014. That puts South Carolina on the list of states with the most foreclosures at number six.

Source: STL Today, "10 States With the Highest Foreclosure Rates," Christine DiGangi, Oct. 15, 2015

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