S.C. ranks No. 10 for foreclosures

By Liz Segrist
lsegrist@scbiznews.com
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.

Previous coverage:

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:

County
Dorchester
Berkeley
Richland
Spartanburg
Greenville
Charleston
Orangeburg
Lexington
Anderson
Calhoun

Source: RealtyTrac

Housing units
54,162
72,028
159,980
122,029
193,513
168,768
42,364
112,422
84,370
7,336

 

Rate
531
546
567
581
603
664
815
858
1,042
3,668

 

% change from 2012
-46.32%
-31.61%
38.24%
5.00%
-17.27%
-26.80%
0.00%
-54.67%
-48.73%
-66.67%

 

Reach Liz Segrist at 843-849-3119.

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