Overall, foreclosures are few and far between in the current real estate market. For June 2017, foreclosures were at the lowest level since November of 2015. This is good news for the overall real estate industry and a good indicator of how our economy is rebounding after the Great Recession. However, foreclosures are still happening and South Carolina happens to be on the list of the top 10 states with the most foreclosures.
South Carolina Foreclosures: By the Numbers
In the recent Mid-Year 2017 U.S. Foreclosure Market Report released by ATTOM Data Solutions (a real estate data collection and analytics company), South Carolina placed 8th out of the top 10 states with the highest foreclosure rates for the first half of 2017. This particular report includes data from more than 2,200 counties and includes more than 90% of the U.S. population. For the first half of the year, South Carolina averaged one foreclosure for every 221 housing units. In comparison, for the first half of 2016, South Carolina still held the number 8 spot but averaged one foreclosure for every 187 housing units.
While this data may place our state on the foreclosure top 10 list, there is some positive news. The average number of foreclosures for the first half of 2017 dropped 15.05% from the same period in 2016. The lower number of foreclosures is a good sign that our real estate market is going in the right direction. Additionally, because the real estate market in our state is rebounding at fairly steady pace, our home prices are rising at a slow and steady pace as well. Several other markets have experienced sky-rocketing home price increases that have put homeownership out of reach for would-be homebuyers on the lower end of the market–and may be setting those markets up for trouble should another economic downturn occur.
What Other States are on the Top 10 List?
If our state is on the list of top 10 states with the most foreclosures, you may be wondering what other states are on the list. We’ll share the full top 10 list below but there are a few surprises on the list. For example, Ohio is a surprise when the Cleveland metro area is one of the hotter real estate markets in the nation. A few others that may be surprising are Nevada at number 6 and Delaware at number 2. Which states on the list are you surprised by?
10. New Mexico
8. South Carolina
1. New Jersey
The big picture is that there is still time to find a great home here in South Carolina. While our state is on the top 10 list for foreclosures, our numbers are improving. If you’re ready to reach for your dream of home-ownership, give James Haas, your local REMAX agent, a call at (843) 602-7246.