S.C. ranks in top 10 for foreclosure rates

By Ashley Boncimino
ashleyb@scbiznews.com
Published March 13, 2014

One in every 971 homes in South Carolina filed for foreclosure in February, the eighth-highest rate in the country, according to real estate research company RealtyTrac.

South Carolina ranked eighth behind Florida, Maryland, Nevada, New Jersey, Illinois, Connecticut and Ohio. One in every 372 housing units had a foreclosure filing in No. 1 ranked Florida.

In South Carolina, 2,199 houses had foreclosure filings, though that number is more than 12% lower than in January and 23% lower than in February last year.

Nationwide, foreclosure filings — which include default notices, scheduled auctions and bank repossessions — dropped 10% from January and 27% from Feburary 2013. The reported 112,498 foreclosure filings marked the lowest monthly total since December 2006.

“Cold weather and a short month certainly contributed to a seasonal drop in foreclosure activity in February, but the reality is that new activity is no longer the biggest threat to the housing market when it comes to foreclosures,” said RealtyTrac Vice President Daren Blomquist in a release. “The biggest threat from foreclosures going forward is properties that have been lingering in the foreclosure process for years, many of them vacant with neither the distressed homeowner or the foreclosing lender taking responsibility for maintenance and upkeep of the home — or at the very least facilitating a sale to a new homeowner more likely to perform needed upkeep and maintenance.

Reach Ashley Boncimino at 864-235-5677, ext. 103 or @ashleyboncimino.

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