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Are foreclosures still common in South Carolina?

If you're living in South Carolina, you know that the economy has been improving slowly but surely over the last several years. While that's the case, foreclosures are still a prominent problem throughout the state and nation.

Foreclosures can be beneficial to some people, like those who can't afford to pay their mortgages or who want to be able to eliminate mortgage debts. However, if you're trying to stay in your home, there may be other ways to eliminate your debts with which your attorney can help you.

While South Carolina has been seeing a general reduction in the number of foreclosures over the last several years, the number of foreclosures taking place has risen in the last year. According to the data, national foreclosure rates are one out of every 1,353 homes each month. That works out to 98,121 properties going into default, heading to auction, or being repossessed in the last month alone.

The foreclosure filings between January 2016 and February 2016 has risen by around 3 percent, but that's still a drop of around 4 percent from February 2015. South Carolina has received one foreclosure filing for every 1,101 homes in the state. South Carolina ranks ninth in the United States for foreclosure filings, while Maryland is number one with one foreclosure per every 511 homes in the state. Maryland was followed closely by New Jersey, which has one foreclosure for every 677 homes at present.

One of the worst counties for foreclosures was Berkeley, which had one for every 674 homes. Dorchester is also struggling with one foreclosure for every 517 homes.

Source: Charleston Regional Business Journal, "S.C. foreclosures up 3% since last year," Ashley Heffernan, accessed April 06, 2016

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