2013 foreclosure filings in S.C. down 19% from prior year

By Ashley Barker
abarker@scbiznews.com
Published Jan. 16, 2014

South Carolina was ranked the eighth-highest state in the country in rate of foreclosures last year, according to a report released today.

Last year, 28,751 properties, or 1.36% of housing units, in the state had at least one foreclosure filing. Florida saw the nation’s highest rate at 3.01%, followed by Nevada and Illinois, according to RealtyTrac’s Year-End 2013 U.S. Foreclosure Market Report.

South Carolina’s foreclosure filings, occurring on one in every 74 properties, were down 19.2% from 2012 and down 3.94% from 2011, the report said.

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1.36 million U.S. properties in 2013, RealtyTrac said. That’s down 26% from 2012 and down 53% from 2010, which peaked at 2.9 million foreclosure filings.

The report also found that one in every 96 housing units in the country had at least one foreclosure filing during 2013. Nationwide, the average value of a property receiving a foreclosure filing was $191,693, and the average time to complete a foreclosure was 564 days in 2013, the report said. The average age of banked-owned or foreclosed properties was 45 years old nationwide and 29 in South Carolina.

“Millions of homeowners are still living in the shadow of the massive foreclosure crisis that the country experienced over the past eight years, since the housing price bubble burst — both in the form of homes lost directly to foreclosure as well as home equity lost as a result of a flood of discounted distressed sales,” Daren Blomquist, vice president of RealtyTrac, said in a statement.

Lowcountry counties topped the statewide list of foreclosure rankings based on the percentage of housing units. One in every 38 housing units in Dorchester County filed for foreclosure last year. One in 50 filed in Berkeley County, and one in every 71 filed for foreclosure in Charleston County, RealtyTrac said.

Foreclosure filings for select S.C. counties, ranked statewide:

County

Dorchester

Berkeley

Beaufort

Richland

Lexington

Greenville

Spartanburg

Charleston

Anderson

Orangeburg

Calhoun

Marlboro

2013 properties with filings

1,438

1,451

1,716

2,760

1,827

3,091

1,803

2,380

997

415

36

2

2013 % of housing units

2.65%

2.01%

1.88%

1.73%

1.63%

1.60%

1.48%

1.41%

1.18%

0.98%

0.49%

0.02%

2013 rate rank

1

2

3

5

7

8

9

11

15

17

33

46

2012 properties with filings

1,659

1,744

2,064

3,309

2,385

3,710

2,057

3,118

1,406

396

32

11

2011 properties with filings

1,288

1,457

2,137

3,251

1,860

3,149

1,730

3,097

1,166

287

18

2

Source: RealtyTrac

RealtyTrac is a national real estate data company that tracks foreclosures and distressed property.

Reach Ashley Barker at 843-849-3144 or @AshleyNBarker.

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