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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

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