By Lauren Ratcliffe
lratcliffe@scbiznews.com
Published Dec. 13, 2012
South Carolina had one of the highest rates of foreclosure in the nation in November, according to a monthly report issued by RealtyTrac.
The national foreclosure ranking firm puts the Palmetto State fifth in foreclosure rates; one in every 455 homes in the state is under some form of foreclosure.
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South Carolina was also one of nine states to post 12-month highs in foreclosure activity.
Nationally, foreclosure rates decreased 19.4% over last November and 180,817 homes were under some form of the foreclosure process. From October, national foreclosure activity dropped 3%.
“The drop in overall foreclosure activity in November was caused largely by a 71-month low in foreclosure starts for the month, more evidence that we are past the worst of the foreclosure problem brought about by the housing bubble six years ago,” said Daren Blomquist, vice president of RealtyTrac. “But foreclosures are continuing to hobble the U.S. housing market as lenders finally seize properties that started the process a year or two ago.
“We’re likely not completely out of the woods when it comes to foreclosure starts either, as lenders are still adjusting to new foreclosure ground rules set forth in the National Mortgage Settlement along with various state laws and court rulings,” he said.
National foreclosure starts fell 28% from a year ago.
November foreclosure rates by S.C. region
| S.C. region Lowcountry Midlands Upstate South Carolina | Number of foreclosures 4,700 | Rate of foreclosure 1 in 455 |
Source: RealtyTrac
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