South Carolina Is Among The Nation's Lowest In Foreclosure Filings.
The foreclosure rate in South Carolina continues to increase, but the state remains among the nations lowest in terms of total filings. It appears the strong real estate market in some areas of the state is acting as a counterbalance against the overall foreclosure numbers in other areas.
RealtyTrac ranks South Carolina 41 of 50 with one in every 1,606 households are involved in the foreclosure process. The numbers of foreclosures are down over 57 percent from this time last year.
Several factors have contributed to the increase. South Carolina's job market has been slow. Salaries have not kept up with cost of living increases, and in some cases salaries have decreased. Combine these factors with the increased mortgage payments brought on by adjustable rate loans resetting to higher interest and you have more homeowners defaulting on their mortgage payments and unable to stop foreclosure in South Carolina.
While nationally, about 1% of homeowners are entering some stage of foreclosure, 1.6% of homeowners are facing foreclosure in South Carolina.
Anderson County has seen a slight increase in the number of foreclosures with a reported 765 foreclosures in 2005, 864 in 2006 and 545 so far this year. Although high for the area it is nothing on the scale of what’s happening in other parts of the country. As with the rest of the country Anderson County lists the same reasons for foreclosures: job loss, marriage break-up, and death.
What does the future hold for South Carolina and the potential for more foreclosures? There is some concern as many experts believe there is still a peak in foreclosures expected between now and the beginning of 2008. If past trends hold true South Carolina should remain near the bottom of the state rankings in overall foreclosure rankings.
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