South-Carolina
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.
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.
“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 …
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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(WPDE) — A social media post from U.S. Rep. William Timmons is drawing attention to a South Carolina election-law scenario that could shape whether some members of Congress decide to run for Sen. Lindsey Graham’s open U.S. Senate seat.
Under the timeline outlined, a sitting member of Congress could win reelection to the U.S. House and also win the open U.S. Senate seat on Election Day, Nov. 3. Because a person cannot serve in both offices, the lawmaker would have to choose.
If the member chose the Senate seat, the change would take effect when the new Congress is sworn in on Jan. 3. At that point, the person would leave their House seat to serve in the Senate.
Unlike a U.S. Senate vacancy, a U.S. House seat cannot be filled by appointment. Instead, a special election would be required to choose a new representative. Until that special election is held, the House seat would remain vacant.
Timmons said the temporary vacancy could matter because the House elects its speaker when the new Congress begins on Jan. 3. With Republicans expected to hold a narrow majority, Timmons argues that even one temporary vacancy could make it more difficult for Speaker Mike Johnson to secure enough votes to keep the speaker’s gavel.
The next step in the process comes Tuesday, when candidate filing for the special Republican primary opens. Filing closes July 28.
Observers will be watching whether the issue affects who files for the race and whether any lawmakers propose changes to the election process.
Less than 72 hours after the sudden passing of South Carolina Senator Lindsey Graham, his sister was sworn in to finish his term.
Darlene Graham Nordone took the oath on Tuesday, saying it’s what her brother would have wanted.
Having served in the Senate for almost two and a half decades, Senator Graham was well-liked by his Republican colleagues, generally well-respected by Democrats, and well-known across the country.
Taking the oath on the Senate floor, Darlene Graham Nordone, the younger sister of Lindsey Graham, officially became his successor. A ceremonial swearing-in followed in the old Senate chamber.
Senator James Lankford (R-OK) prayed for Graham’s family Monday as he remembered his friend.
“He’s a person that loved his body, loved the country, and loved the people of South Carolina. And it showed,” said Lankford.
Senator Alan Armstrong (R-OK), who went through a similar selection and swearing-in process just a few months ago, told Bloomberg TV he had come to respect Graham during their brief overlap.
“People knew him for somebody that would speak his mind and was clear and convincing in his argument,” said Armstrong.
As a strong backer of Ukraine, one of Graham’s final acts was to get White House backing for a bipartisan Russia sanctions bill.
Greenville County budget passes with key funding shifts
Greenville approves $473M budget with $44.6M going to public safety, $27.5M to roads, $3.5M for Greenlink while cutting affordable housing to $1M.
South Carolina has been operating under a temporary spending measure for the past two weeks after a small committee of House and Senate members has yet to finalize the budget.
After another day of stalled discussions, Sen. Tom Davis, R-Beaufort, said lawmakers have three options to keep the government funded. One of those options is operating under a continuing resolution, a temporary funding measure that keeps state agency funding the same as the previous financial year, until next year.
The General Assembly’s budget conference committee, a six-member group — three each from the House and Senate — met for a brief budget discussion on July 14. The committee decided quickly to adjourn until 2 p.m. on July 15 after failing to make progress on a spending plan.
Conference committee members are struggling to come to an agreement on property tax relief and earmarks, which are budget allocations set aside for specific projects. The committee most recently met on June 30, the day before fiscal year 2027 was set to start, and decided to push its next meeting out two weeks to give staff the time to collect information on the main differences between the Senate and House budgets.
The committee reconvened on July 14, facing the same challenges as it did during the meeting in late June. Though the legislature has not finalized a budget for fiscal year 2027, state agencies are being funded at last year’s levels due to a continuing resolution.
However, the state will not be able to allocate funds for state employee raises and teacher salary bumps if lawmakers don’t pass a new budget.
“It’s important for the people of South Carolina to remember that government is open,” Davis said. “This is not a situation like in Washington, D.C. where state government is shutting down.”
Davis told his fellow committee members that he thinks they have three options: keep operating under a continuing resolution for the next year, pass a budget without property tax cuts or earmarks, or decide which earmarks can be removed to include some measure of property tax relief.
“Mr. Chairman, I think those are the three options in front of us right now,” Davis said.
House Ways and Means Committee Chair Rep. Bruce Bannister, R-Greenville, said he thinks the state can have a budget and that relying on a continuing resolution is an “absolute failure of this conference committee to do their job.”
“In the next couple of days, we’re obviously going to be working hard,” Bannister said. “I’d like to do that in good faith.”
According to Davis, the House budget includes about $315 million in earmarks while the Senate version has about $130 million. He added that the Senate has $240 million in its budget for a property tax cut, which the House does not have.
The senator from Beaufort also said that there are rules in place that restrict how the conference committee can negotiate. He said for many of the earmarks, the committee either has to approve all funding for a specific project or no funding. The House also had not passed a property tax bill, limiting the committee to using a budget proviso to pass the funding.
“It becomes difficult for the House to agree to a property tax cut via proviso,” Davis said. “The rules constrain them in that regard.”
The conference committee will resume budget discussions on July 15 at 2 p.m. Davis said he hopes the committee can come to an agreement by the end of the week. The budget would still need approval from the House, Senate and governor before it is final.
Bella Carpentier covers the South Carolina legislature, state, and Greenville County politics. Contact her at bcarpentier@gannett.com.
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