Published June 14, 2013
South Carolina foreclosure activity decreased 11% as of May from the year prior, but the state still posted the nation’s fifth-highest state foreclosure rate for the month, according to RealtyTrac data.
RealtyTrac, a national real estate listing firm, found that one out of every 600 homes in South Carolina was under some form of foreclosure as of May.
The state had a total of 3,528 filings for May. The state with the next highest rate of foreclosure, Illinois, had 8,715 filings, or one in every 606 homes.
Foreclosure numbers across the U.S. were down 28% in May from the year prior with 148,054 filings.
In April, national home sales were down 15% compared with a year ago. The median sales price of a non-distressed home was $130,000.
The median sales price of a foreclosure home was $83,500, or 36% lower than non-distressed home sales.
The highest rate of foreclosures for the month was in Dorchester County, which saw one of every 284 homes in distress, with York County coming in second with one of every 373 homes with at least a filing.
“Foreclosure activity continued to bounce back in some markets where it may have appeared the foreclosure problem had been knocked out by an aggressive combination of foreclosure prevention efforts over the past two years,” said Daren Blomquist, vice president at RealtyTrac, in a news release.
“Still, the emerging housing recovery has strengthened most local markets enough to quickly shake off a few more blows from these nagging foreclosures.”
States with the highest rates of foreclosures for May 2013
Rate (1 foreclosure for every number of homes)
Foreclosure numbers for select S.C. counties
Here are year-to-year numbers for the top-10 counties with the highest rates in May.
% change from 2012