By Liz Segrist
Published Oct. 10, 2013
Despite annual decreases in foreclosure activity, South Carolina is ranked No. 10 nationwide for highest foreclosure rates, according to RealtyTrac data.
One in every 820 homes in South Carolina is in foreclosure, down roughly 27% in September compared to the year prior, according to RealtyTrac’s U.S. Foreclosure Market Report for September.
Nationwide, foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 131,232 U.S. properties in September, a roughly 28% decrease from a year ago.
Nationwide, one in every 998 homes is in foreclosure.
U.S. properties foreclosed in the third quarter were in the foreclosure process an average of 551 days, up 44% from 382 days in the third quarter of 2012.
“The September and third-quarter foreclosure numbers show a housing market that is haltingly returning to health,” said Daren Blomquist, vice president at RealtyTrac, in a news release.
“In a healthy housing market, foreclosures are rare but streamlined while still protecting the rights of the homeowner. While foreclosures are clearly becoming fewer and farther between in most markets, the increasing time it takes to foreclose is holding back a more robust and sustainable recovery.”
The average time to foreclose in New York was 1,037 days, the longest of any state. Maine had the shortest time to foreclose at 160 days.
Foreclosure numbers for select S.C. counties
Actual year-to-year numbers for September, in order of highest rate:
% change from 2012