SC’s foreclosure rate one of highest in US. Here’s how it has affected Myrtle Beach area
A recent report says that South Carolina is experiencing an upswing in foreclosures and is one of the worst in the nation.
Horry County’s frequency of foreclosure filings is relatively low, compared to other prominent areas in the Palmetto State.
In March 2024, ATTOM, a real estate data company owned by the private equity firm Lovell Minnick Partners, reported that South Carolina had the fifth most foreclosures of any state, a 51% increase from last year.
ATTOM measured its findings by the frequency of housing unit foreclosures. The U.S. Census Bureau defines housing units as houses, apartments, mobile homes, a group of rooms, or a single as separate living quarters.
ATTOM said that Columbia and Spartanburg had the highest frequency of foreclosures among metropolitan statistical areas with a population greater than 200,000.
Horry County has fewer foreclosures than statewide. Here’s why
According to ATTOM’s data, Horry County’s total foreclosure filings were 24, as of April 16, 2024. With 217,330 housing units in Horry County, according to the U.S. Census Bureau, the foreclosure frequency would be one in every 9,055 homes.
Coastal Carolinas Association of Realtors President Brianne Bender said that the Grand Strand’s home-owning community is part of why foreclosures are lower than in other parts of the state. She added that the presence of second homeowners, who can use their properties to earn income, also buffered the area’s foreclosure rate compared to places where most homeowners live year-round.
“If it’s going well, (you won’t) have any financial distress,” she said. “(Columbia and Spartanburg) are also probably the areas that have the most full-time owners as opposed to our population here.”
Foreclosures in Horry County are handled by the Master in Equity, also known as Equity Court, overseen by Judge Alan Clemmons. The Master in Equiity’s office did not return a request for comment before publication.
The office will hold a foreclosure sale May 6, 2024, according to Horry County’s 15th Judicial Circuit Court Rosters. While 18 properties are on the list, ATTOM’s data suggests that Columbia and Spartanburg’s concerns haven’t translated to the Lowcountry.
While the number of foreclosures in Horry County might be higher than ATTOM’s report, the Grand Strand’s potential foreclosure frequency still indicates that Horry County’s foreclosure frequency is not a cause for concern.
According to Horry County’s 15th Judicial Circuit Court Roster, about 60 foreclosures have been filed since July 2023 and are either pending or on the sale roster. That would mean one in every 3,622 housing units in Horry County had a foreclosure filing against it.
States with the highest frequency of foreclosure filings
South Carolina’s foreclosure rate is comparable to other states in the report.
Here are the five states with the highest foreclosure rate, according to ATTOM:
- Connecticut. One in every 2,884 housing units had a foreclosure filing.
- Ohio. One in every 2,828 housing units had a foreclosure filing.
- Florida. One in every 2,632 housing units had a foreclosure filing.
- Delaware. One in every 2,428 housing units had a foreclosure filing.
- South Carolina. One in every 2,248 housing units had a foreclosure filing.
This story was originally published April 21, 2024 at 5:00 AM.
