South Carolina ranks 39th in foreclosures

January 30, 2008

There is no good news regarding foreclosures, one is too many and millions of homeowners may be foreclosed upon. The only bright news I’ve seen recently is that it is nowhere near a big a problem in South Carolina as it is in other states and the total number of foreclosures in the United States is only 1% of all properties.

According to the latest information from RealtyTrac, the largest publisher of foreclosure data, South Carolina ranks 39th among the states.

Click here for data for all 50 states.

Here is the latest information for South Carolina and the United States:

South Carolina

  • Total foreclosure filings 5038
  • Change from 2006 -27.56%
  • Change from 2005 -33.76%
  • Total Properties with filings 4247
  • % Households (foreclosure rate) 0.220%

Please note: The total foreclosure filings would be higher than the number of properties with filings because a first and a second mortgage would count as 2 foreclosure filings.

United States

  • Total foreclosure filings 2,203,295
  • Change from 2006 +74.99%
  • Change from 2005 +148.83%
  • Total Properties with filings 1,285,873
  • % Households (foreclosure rate) 1.033%

Most interesting are these points. South Carolina foreclosure rates have not increased from either 2005 or 2006 but even more surprisingly, have actually declined. While one foreclosure is bad and 2+ million is worse, only 1% of households in the United States are in foreclosure activity which means 99% of all households are not in foreclosure.

The 10 states with the highest foreclosure rates include states that led the housing boom and the economically troubled Midwest. Nevada, Florida, Michigan, California, Colorado, Ohio, Georgia, Arizona, Illinois and Indiana have the highest rates of foreclosure.

Posted by Howard | Filed Under Blog, Mortgage / Finance 

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