South Carolina had nation’s highest foreclosure filing rate in August

A new report shows South Carolina had the nation’s highest foreclosure filing rate in August, with one filing for every 1,547 housing units.

“But like me personally, I’m a homeowner and like my mortgage payment went up $100 this year just because property taxes, insurance, your value of your home is increasing,” said homeowner Kaytlyn Faile.

The report from real estate data and analytics firm ATTOM shows South Carolina had the nation’s highest foreclosure filing rate in August.

It says South Carolina’s foreclosure rate is 1 out of every 1,547 housing units.

And the report says Chester, Dorchester, Kershaw and Florence counties are hot spots.

An expert says the reasons for this could be vast.

“You have folks coming here, I think sometimes with the idea that it’s more affordable and it may be more affordable than where they’re coming from, depending upon where they’re coming from,” said Tim Veeck, chief executive officer with Habitat for Humanity of York County. “But also, home prices have escalated here quite a bit in a very short period of time.”

Veeck pointed out that South Carolina is among the fastest-growing states in the nation, and people may be getting into homes without realizing just how difficult it may be to handle the mortgage, HOA fees and rising insurance rates.

“People are getting overextended and having to pay more than 30% of their income towards housing, which is 30% is kind of the standard, recognized standard for affordability, but most people are paying well beyond that,” Veeck said.

He says research and preparation are key to helping families avoid housing issues.

“We spend a lot of time on the front end helping people have clarity on what is needed financially for them to be able to not only access home ownership, but remain successful throughout the home ownership journey,” Veeck said.

Veeck also pointed out that more than 60% of the population in South Carolina counties in the Channel 9 viewing area makes less than 80% of the area median income.

So rising costs can impact homeowners who have been in their homes for quite some time.

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