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Alarming Increase In South Carolina Foreclosures – FITSNews

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Alarming Increase In South Carolina Foreclosures – FITSNews


Palmetto State’s soaring foreclosure rate is America’s highest …

South Carolina had the highest foreclosure rate in America last month, according to ATTOM – one of the nation’s leading sources of land, property and real estate data. The Palmetto State also showed the highest annual increase in foreclosure rates – an alarming uptick of 51 percent which ran “counter to the national trend.”

Of interest? Neighboring North Carolina and Georgia showed 52 percent and 34 percent reductions in their annual foreclosure rates last month, ranking No. 1 and No. 3 in the nation, respectively.

Things were already looking grim for the Palmetto State on this front. In 2023, South Carolina had the nation’s sixth-worst foreclosure rate – clocking in at 0.38 percent. Its capital city of Columbia also had the nation’s fourth-worst foreclosure rate among municipalities – registering at 0.55 percent.

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According to ATTOM’s data, there was one foreclosure for every 4,279 housing units nationwide last month. In South Carolina, however, that number climbed to one for every 2,248 housing units. In Columbia, there was one filing for every 1,478 housing units. South Carolina’s capital city had the worst foreclosure rate last month of any metropolitan statistical area in America, according to ATTOM. Spartanburg and Florence ranked third- and fifth-worst, respectively.

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Foreclosures spiked between 2007-2011 as the sub-prime mortgage crisis hit America. Conversely, they plunged during the Covid-19 pandemic as government instituted emergency measures to facilitate “home retention.” An estimated 16 percent of Americans with mortgage loans availed themselves of government “forbearance” between April 2020 and December 2021, according to a report from the St. Louis Fed.

In South Carolina, an estimated $144 million was doled out to tens of thousands of households by the S.C. State Housing Finance and Development Authority (SCHousing.com) between 2020 and 2023.

Last year was the second consecutive year to show an uptick in foreclosures – although they remain below their pre-Covid levels and well below the unprecedented spikes seen during the sub-prime mortgage crisis.

Still, the numbers are not moving in the right direction – especially in South Carolina.

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“The annual uptick in U.S. foreclosure activity hints at shifting dynamics within the housing market,” said Rob Barber, ATTOM’s chief executive officer. “These trends could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices. We continue to closely monitor these trends to comprehend their complete effect on foreclosure activity.”

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RELATED | EMPLOYMENT DATA PAINTS GLOOMY PICTURE

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The release of these concerning foreclosure numbers comes as South Carolina’s “Republican” supermajority is debating what to do with an estimated $1.8 billion in newly discovered surplus money. This surplus – exclusively uncovered by our media outlet – could provided a rebate of as much as $1,250 to an estimated 1.44 million South Carolina taxpayers.

So far, lawmakers have yet to say whether they will rebate the $1.8 billion or plow it into the state’s bloated, antiquated bureaucracy – which is set to receive a record $40.1 billion in the latest “Republican” spending plan.

One reason foreclosures could be on the rise in South Carolina is the pervasive anemia of our workforce. According to data released last month, the Palmetto State’s labor participation rate for the month of January stood at a lowly 57.2 percent. That’s the fourth-worst rate in the nation – and puts the Palmetto State more than five percentage points behind the national average of 62.5 percent.

Count on this media outlet to keep our audience in the loop on the latest economic data impacting South Carolina citizens and taxpayers – and to continue pushing state lawmakers to make better decisions when it comes to safeguarding the health of our economy.

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ABOUT THE AUTHOR …

(Travis Bell Photography)

Will Folks is the founding editor of the news outlet you are currently reading. Prior to founding FITSNews, he served as press secretary to the governor of South Carolina and before that he was a bass guitarist and dive bar bouncer. He lives in the Midlands region of the state with his wife and seven (soon to be eight) children.

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Got something you’d like to say in response to one of our articles? Or an issue you’d like to proactively address? We have an open microphone policy here at FITSNews! Submit your letter to the editor (or guest column) via email HERE. Got a tip for a story? CLICK HERE. Got a technical question or a glitch to report? CLICK HERE.



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South-Carolina

Two people dead after single-vehicle crash in Barnwell County

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Two people dead after single-vehicle crash in Barnwell County


BARNWELL COUNTY, S.C. (WRDW/WAGT) – Two people are dead after an early morning crash in Barnwell County.

South Carolina Highway Patrol says the accident happened at 3:10 a.m., April 27, on U.S. 78, about 6 miles outside of Blackville.

Troopers say two people were in a 2010 Crown Victoria, heading west on U.S. 78, when the driver ran off the right side of the road and overturned multiple times.

Both the driver and passenger died at the scene.

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South Carolina Highway Patrol is investigating the crash.

The names of the driver and passenger have not been released.



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Tornadoes collapse buildings and level homes in Nebraska and Iowa

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Tornadoes collapse buildings and level homes in Nebraska and Iowa


OMAHA, Neb. — Tornadoes wreaked havoc Friday in the Midwest, causing a building to collapse with dozens of people inside and destroying and damaging hundreds of homes, many around Omaha, Nebraska.

As of Friday night, there were several reports of injuries but no immediate deaths reported. Tornado warnings continued to be issued into the night in Iowa.

Three people were hurt in Nebraska’s Lancaster County when a tornado hit an industrial building, causing it to collapse with 70 people inside. Several were trapped, but everyone was evacuated and the injuries were not life-threatening, authorities said.

One of the most destructive tornadoes moved for miles Friday through mostly rural farmland before chewing up homes and other structures in the suburbs of Omaha, a city of 485,000 people with a metropolitan area population of about 1 million.

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Photos on social media showed the small city of Minden, Iowa, about 30 miles (48.3 kilometers) northeast of Omaha also sustained heavy damage.

A tornado is seen near north of Waverly, Neb., on Friday, April 26, 2024.

The forecast for Saturday was ominous. The National Weather Service issued tornado watches across parts of Iowa, Kansas, Missouri, Oklahoma and Texas. Forecasters warned that large hail and strong wind gusts were possible.

“It does look like a big outbreak again tomorrow,” said Becky Kern, the warning coordination meteorologist in the National Weather Service’s Omaha office. “Maybe slightly farther south.”

Hundreds of houses sustained damage in Omaha on Friday, mostly in the Elkhorn area in the western part of the city, Omaha police Lt. Neal Bonacci said.

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“You definitely see the path of the tornado,” Bonacci said, adding that many of the homes were destroyed or severely damaged.

Police and firefighters went door-to-door to help people, going to the “hardest hit area” with a plan to search anywhere someone could be trapped, Omaha Fire Chief Kathy Bossman said.

“We’ll be looking throughout properties in debris piles, we’ll be looking in basements, trying to find any victims and make sure everybody is rescued who needs assistance,” Bossman said.

Omaha police officers search a home for a family after a tornado leveled dozens of homes near Omaha, Neb., on Friday, April 26, 2024.

Omaha police officers search a home for a family after a tornado leveled dozens of homes near Omaha, Neb., on Friday, April 26, 2024.

In one area of Elkhorn, dozens of newly built, large homes were damaged. At least six were wrecked, including one that was leveled, while others had their top halves ripped off. Dozens of emergency vehicles responded to the area.

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“We watched it touch down like 200 yards over there and then we took shelter,” said Pat Woods, who lives in Elkhorn. “We could hear it coming through. When we came up our fence was gone and we looked to the northwest and the whole neighborhood’s gone.”

Kim Woods, his wife, added, “The whole neighborhood just to the north of us is pretty flattened.”

Three people, including a child, were in the basement of the leveled home when the tornado hit but got out safely, according to Dhaval Naik, who said he works with home’s owner.

KETV-TV video showed one woman being removed from a demolished home on a stretcher in Blair, a city just north of Omaha.

Two people were transported for treatment, both with minor injuries, Bonacci said.

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Crews were doing a second search of homes. Fire crews would work throughout the night to check all the unsafe structures and make sure no one is inside, Bonacci said.

“People had warnings of this and that saved lives,” Omaha Police Chief Todd Schmaderer said of the few serious injuries.

The tornado warning was issued in the Omaha area on Friday afternoon just as children were due to be released from school. Many schools had students shelter in place until the storm passed. Hours later, buses were still transporting children home.

“Was it one long track tornado or was it several tornadoes?” Kern of the National Weather Service said.

The agency planned to send out multiple crews over the next several days to determine the number of tornadoes and their strength, which could take up to two weeks, she said.

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“Some appeared to be violent tornadoes,” Kern continued. “There were tornadoes in different areas. And so it’s like forensic meteorology, we call it, like piecing together, all the damage indicators.”

Severe weather damage to Eppley Airfield in Omaha, Neb., can be seen from the Lewis and Clark Monument in Council Bluffs, Iowa, Friday, April 26, 2024.

Severe weather damage to Eppley Airfield in Omaha, Neb., can be seen from the Lewis and Clark Monument in Council Bluffs, Iowa, Friday, April 26, 2024.

Another tornado hit an area on the eastern edge of Omaha, passing directly through parts of Eppley Airfield, the city’s airport. Officials halted aircraft operations to access damage but then reopened the facility, Omaha Airport Authority Chief Strategy Officer Steve McCoy said.

The passenger terminal wasn’t hit by the tornado but people rushed to storm shelters until the twister passed, McCoy said.

After passing through the airport, the tornado crossed the Missouri River and into Iowa, north of Council Bluffs.

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Damage is seen to Justin and Amanda Putnam's bedroom after a severe storm damaged their neighborhood in Council Bluffs, Iowa, on Friday, April 26, 2024.

Damage is seen to Justin and Amanda Putnam’s bedroom after a severe storm damaged their neighborhood in Council Bluffs, Iowa, on Friday, April 26, 2024.

Nebraska Emergency Management Agency spokesperson Katrina Sperl said Friday afternoon that damage reports were just starting to come in. Taylor Wilson, a spokesperson for the University of Nebraska Medical Center, said they hadn’t seen any injuries yet.

In Lancaster County, where three people were injured when an industrial building collapsed, sheriff’s officials also said they had reports of a tipped-over train near Waverly, Nebraska.

Two people who were injured in the county were being treated at the trauma center at Bryan Medical Center West Campus in Lincoln, the facility said in a news release. The hospital said the patients were in triage and no details were released on their condition.

The Omaha Public Power District reported nearly 10,000 customers were without power in the Omaha area. The number had dropped to about 7,300 by Friday night.

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Nebraska Gov. Jim Pillen posted on the social platform X that he had ordered state resources to be made available to help with the emergency response and to support first responders as they assess the damage.

“Nebraskans are no strangers to severe weather and, as they have countless times before, Nebraskans will help Nebraskans to rebuild,” Pillen said.

Daniel Fienhold, manager of the Pink Poodle Steakhouse in Crescent, Iowa, said he was outside watching the weather with his daughter and restaurant employees, recalling “it looked like a pretty big tornado was forming” northeast of town.

“It started raining, and then it started hailing, and then all the clouds started to kind of swirl and come together, and as soon as the wind started to pick up, that’s when I headed for the basement, but we never saw it,” Fienhold said.

Copyright 2024 NPR. To see more, visit https://www.npr.org.

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Midwest tornadoes cause severe damage in Omaha suburbs

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Midwest tornadoes cause severe damage in Omaha suburbs


Updated April 26, 2024 at 8:50 PM ET

OMAHA, Neb. — A tornado plowed through suburban Omaha, Nebraska, on Friday afternoon, damaging hundreds of homes and other structures as the twister tore for miles along farmland and into subdivisions. Injuries were reported but it wasn’t yet clear if anyone was killed in the storm.

Multiple tornadoes were reported in Nebraska but the most destructive storm moved from a largely rural area into suburbs northwest of Omaha, a city of 485,000 people.

Photos on social media showed heavily damaged homes and shredded trees. Video showed homes with roofs stripped of shingles, in a rural area near Omaha. Law enforcement were blocking off roads in the area.

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Hundreds of houses sustained damage in Omaha, mostly in the Elkhorn area in the western part of the city, police Lt. Neal Bonacci said.

Police and firefighters are now going door-to-door helping people who are trapped.

Omaha Fire Chief Kathy Bossman said crews had gone to the “hardest hit area” and had a plan to search anywhere someone could be trapped.

“They’re going to be putting together a strategic plan for a detailed search of the area, starting with the properties with most damage,” Bossman said. “We’ll be looking throughout properties in debris piles, we’ll be looking in basements, trying to find any victims and make sure everybody is rescued who needs assistance.”

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Chris Machian / Omaha World-Herald via AP

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Omaha World-Herald via AP

Damaged houses are seen after a tornado passed through the area near Omaha, Neb., on Friday.

Omaha police Lt. Neal Bonacci said many homes were destroyed or severely damaged.

“You definitely see the path of the tornado,” Bonacci said.

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In one area of Elkhorn, dozens of newly built, large homes were damaged. At least six were destroyed, including one that was leveled, while others had the top half ripped off.

There were dozens of emergency vehicles in the area.

“We watched it touch down like 200 yards over there and then we took shelter,” said Pat Woods, who lives in Elkhorn. “We could hear it coming through. When we came up our fence was gone and we looked to the northwest and the whole neighborhood’s gone.”

His wife, Kim Woods added, “The whole neighborhood just to the north of us is pretty flattened.”

Dhaval Naik, who said he works with the man whose house was demolished, said three people, including a child, were in the basement when the tornado hit. They got out safely.

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KETV-TV video showed one woman being removed from a demolished home on a stretcher in Blair, a city just north of Omaha.

Omaha Police Chief Todd Schmaderer said there appeared to be few serious injuries, in part because people had plenty of warning that storms were likely.

“We not upon by a sudden storm,” Schmaderer said. “People had warnings of this and that saved lives.”

The tornado warning was issued in the Omaha area on Friday afternoon just as children were due to be released from school. Many schools had students shelter in place until the storm passed. Hours later, buses were still transporting students home.

Another tornado hit an area on the eastern edge of Omaha, passing directly through parts of Eppley Airfield, the city’s airport. Officials closed the airport to aircraft operations to access damage but then reopened the facility, Omaha Airport Authority Chief Strategy Officer Steve McCoy said.

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Severe weather damage to Eppley Airfield in Omaha, Neb., can be seen from the Lewis and Clark Monument in Council Bluffs, Iowa on Friday

Anna Reed / Omaha World-Herald via AP

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Omaha World-Herald via AP

Severe weather damage to Eppley Airfield in Omaha, Neb., can be seen from the Lewis and Clark Monument in Council Bluffs, Iowa on Friday

The passenger terminal wasn’t hit by the tornado but people rushed to storm shelters until the twister passed, McCoy said.

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Flight delays are expected Friday evening.

After passing through the airport, the tornado crossed the Missouri River and into Iowa, north of Council Bluffs.

Nebraska Emergency Management Agency spokesperson Katrina Sperl said damage is just now being reported. Taylor Wilson, a spokesperson for the University of Nebraska Medical Center, said they hadn’t seen any injuries yet.

Before the tornado hit the Omaha area, three workers in an industrial plant were injured Friday afternoon when a tornado struck an industrial plant in Lancaster County, sheriff’s officials said in an update on the damage.

The building just northeast of the state capital of Lincoln had collapsed with about 70 employees inside and several people trapped, sheriff’s officials said. Everyone was evacuated, and three people had injuries that were considered not life-threatening, authorities said.

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Sheriff’s officials say they also had reports of a tipped-over train near Waverly, also in Lancaster County.

Two people who were injured when the tornado passed through Lancaster County were being treated at the trauma center at Bryan Medical Center West Campus in Lincoln, the facility said in a news release. It said the patients were in triage and no details were released on their condition.

The Omaha Public Power District reported that nearly 10,000 customers were without power in the Omaha area.

Daniel Fienhold, manager of the Pink Poodle Steakhouse in Crescent, Iowa, said he was outside watching the weather with his daughter and restaurant employees. He said “it looked like a pretty big tornado was forming” northeast of town.

“It started raining, and then it started hailing, and then all the clouds started to kind of swirl and come together, and as soon as the wind started to pick up, that’s when I headed for the basement, but we never saw it,” Fienhold said.

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The Weather Service also issued tornado watches across parts of Iowa, Kansas, Missouri, Oklahoma and Texas. And forecasters warned that large hail and damaging wind gusts were possible.

Copyright 2024 NPR. To see more, visit https://www.npr.org.





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