By Ashley Barker
Published April 10, 2014
South Carolina was ranked the eighth-highest state in the country in rate of foreclosures during March, according to a report released today.
In March, foreclosure filings were reported on 2,688 properties in the state, according to RealtyTrac’s U.S. Foreclosure Market Report. That’s a 22.24% increase from February, but a 14.5% decrease from March 2013.
One in every 794 homes in South Carolina was in foreclosure last month, down roughly 15% from the year prior.
Florida had the most foreclosures in the country last month with 22,056, or one in every 407 homes, followed by Maryland with 4,514 and Indiana with 4,263. North Dakota had the fewest foreclosures in March with three, or one in every 106,489, the report said.
About 117,000 U.S. properties were in some stage of foreclosure — default notices, scheduled auctions and bank repossessions — in March, a 4% increase from February and a 23% decrease from last March, the report said.
One in every 1,121 homes in the country was in foreclosure, which is around 23% lower than March 2013.
March was the 42nd consecutive month in which U.S. foreclosure activity decreased from the prior-year period, which helped drop first-quarter foreclosure activity to the lowest level since the second quarter of 2007, RealtyTrac said. A total of 341,670 — or one in every 385 — U.S. properties had a foreclosure notice in the first quarter of this year.
Daren Blomquist, vice president of national real estate data company RealtyTrac, said the foreclosure deluge has dried up and banks are now turning their attention to properties that have been sitting in foreclosure limbo.
“Banks will also now be able to devote more resources to dealing with the lingering inventory of nearly half a million already foreclosed homes that still need to be sold,” Blomquist said in a statement. “Our estimates indicate only 10% of these bank-owned properties are listed for sale, and more than half are still occupied by the former homeowner or tenant.”
Foreclosure numbers for select S.C. counties
March 2014 foreclosure rate
% change from March 2013
Reach Ashley Barker at 843-849-3144 or @AshleyNBarker.