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

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

No Comments

Leave a comment
Comment Information
Tell Us About Your Transaction

Bold labels are required.

Contact Information

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.

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