By Lauren Ratcliffe
Published Nov. 15, 2012
South Carolina’s foreclosure rate is the ninth highest in the nation, but down from 2011 levels, according to a monthly report issued by RealtyTrac.
In the state, 3,557 homes, or one in every 601, were under some form of foreclosure in October, down 2% from last year.
This compares to the national rate of one in every 706 homes. Foreclosure activity declined 19% in the U.S. compared with October 2011, but grew on a month-over-month basis.
The Columbia metropolitan area posted one of the largest increases in foreclosure activity on a month-to-month basis for any U.S. metropolitan area, with an increase of 58%.
Real-estate owned foreclosure notices, or bank foreclosures, increased significantly in the state. REOs in South Carolina increased by 37% — one of the largest spikes in the country.
Florida had the highest foreclosure rate for the second straight month with one in every 312 homes under foreclosure.
“We continued to see vastly different foreclosure trends across the country in October, depending primarily on how each state’s foreclosing infrastructure was able to handle the high volume of delinquent loans during the worst of the foreclosure crisis in 2010,” said Daren Blomquist, vice president of RealtyTrac. “Unfortunately the three states dealing with the biggest rebound in deferred foreclosure activity — New Jersey, New York and Connecticut — also had to deal with the devastation to homes inflicted by Superstorm Sandy.”
S.C. foreclosure activity in October
Number of Foreclosures
Rate of Foreclosure
1 in 601