South Carolina with Highest Foreclosure Rates > Columbia Business Report

South Carolina had one of the highest foreclosure rates in August, according to a new report.

The picture of foreclosures across the United States is not a pretty one.

ATTOM, the curator of national land and real estate data, has released its August 2022 U.S. Foreclosure Market Report.

A total of 34,501 U.S. properties with foreclosure applications (default notices, scheduled auctions, or bank foreclosures) have been filed, up 14% from a month ago, according to ATTOM’s news release, data show. It represents a 118% increase from a year ago.

Nationwide, one in every 4,072 residential units received a foreclosure application in August 2022. The state with the highest foreclosure rate was Illinois (1 out of 1,926 residential units he has filed for foreclosure). Delaware (1 inch per 2,387 residential units); South Carolina (1 per 2,417 residential units). New Jersey (1 in every 2,441 housing units); Florida (1 in 2,950 homes).

The full report and methodology can be read here.

Foreclosure initiations reach pre-pandemic levels nationwide

Lenders have begun the foreclosure process on 23,952 U.S. properties in August 2022, according to the report. That’s a 12% increase from last month and a 187% increase from a year ago.

“Two years after the onset of the COVID-19 pandemic and after massive government intervention and the mortgage industry’s efforts to prevent defaults, foreclosure initiations have largely returned to 2019 levels.” release. “Although August foreclosure starts were 86% of the number of foreclosure starts in August 2019, it is important to remember that foreclosure activity was still relatively low compared to historical averages.”

Among 223 metropolitan statistical areas with a population of 200,000 or more, Peoria, IL had the highest foreclosure rate in August 2022 (1 for every 869 residential units with foreclosure claims) . Jacksonville, NC (1 in 968 homes). Bakersfield, CA (1 in 1,454 homes). South Bend, Indiana (1 in 1,478 homes). Rockford, IL (1 in 1,496 homes).

Foreclosure completions up 28% from last month

Lenders will repossess 3,938 U.S. properties through complete foreclosures (REOs) in August 2022, up 28% from last month and up 59% from last year.

“Foreclosures are likely to remain below pre-pandemic levels for a number of reasons, most importantly, more than 90% of borrowers in foreclosures have positive equity in their homes and lose everything. Rather than risking it, we will profit from selling these properties at a profit: a foreclosure auction or a lender’s foreclosure,” Shalga said in a release.

States with the highest number of REOs in April 2022 are: Illinois (493 REO). New York (337 REO); Michigan (326 REO); Pennsylvania (260 REO); and California (189 REO).

Contact Jason at 864-568-7570.

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