SC Led the Nation in Foreclosure Filings in August. How to Buy a Home You Can Keep.

What the Stat Actually Measures

A foreclosure filing is not the same as a completed foreclosure. ATTOM counts properties that had at least one filing during the month, and a filing can be any of three stages:

• Default notice. The lender formally starts the process.
• Scheduled auction. A sale date is set.
• Bank repossession (REO). The lender takes the property back.

Many homeowners who receive a default notice catch up, refinance, sell, or work out a plan with their lender. The “1 in 1,547” figure is a rate, so it measures filings relative to the number of housing units in the state. It is also one month of data. Read it as a signal worth watching, not a permanent ranking.

Context matters too. South Carolina Realtors has pointed out that foreclosure activity was held down artificially during the pandemic by federal and state moratoriums and other homeowner protections, so some of today's increase reflects a return toward normal levels. Nationally, ATTOM reported 40,277 properties with filings in August, up 1 percent from July and 13 percent from a year earlier, and filings remain below pre-pandemic levels.

The group also says today's market looks very different from 2008. In coverage from WIS, SC Realtors pointed to stricter lending standards, a higher share of fixed-rate mortgages, and more equity in the hands of homeowners. CEO Nick Kremydas put it plainly: “We are nowhere near the 2008 numbers, and we don't have the fundamental flaws in the market that caused them.”

The part of the national data worth watching most closely is completed foreclosures. Lenders repossessed 5,794 properties in August, up 22 percent from July and 42 percent from August 2025.

Why Buyers Get Overextended

In WSOC's coverage, Tim Veeck, CEO of Habitat for Humanity of York County, explained how buyers get stretched. Many people moving to South Carolina expect it to be more affordable than where they came from, and it may be. But home prices have risen fast, and buyers can end up in homes without realizing how hard the mortgage, HOA fees, and rising insurance will be to carry. He noted that 30 percent of income is the recognized affordability standard for housing, and that many people are paying well beyond it.

Existing owners feel it too. A homeowner in the same story said her mortgage payment rose about $100 this year from higher property taxes and insurance alone, with no change to her loan.

The takeaway for buyers is direct. The price of the home is one line of the cost of owning it, and some of the other lines move after you close.

Know the Full Monthly Cost, Not Just Principal and Interest

When a lender or a website quotes you a monthly payment, check what is included. Your real monthly cost of ownership usually includes:

• Principal and interest on the loan
• Property taxes, which vary by county and can change after the sale is recorded
• Homeowners insurance, which has been rising in many markets
• Mortgage insurance, if your down payment is below the lender's threshold
• HOA dues. Some new construction communities have two associations, an umbrella association plus a sub-association, each with its own dues.
• Utilities, which can run higher than expected in a larger home, especially when some services are billed separately
• Maintenance and repairs, which never appear on a payment quote but always show up eventually

Add those together before you decide what price range is right for you.

Check HOA Dues, Special Assessments, and Insurance Before You Offer

HOA charges and insurance are two of the costs that surprise buyers most. Most of that surprise can be avoided with early homework:

• Ask for the HOA documents and fee schedule. Confirm current dues, billing frequency, whether there is more than one association, and whether any increases have already been approved.
• Ask about special assessments. These are one-time charges for major projects. Ask whether any are pending or under discussion, and review reserve information if it is available.
• Look for transfer fees or capital contribution fees due at closing.
• Get a real insurance quote on the specific address before you offer, or at minimum before your due diligence period ends. A calculator estimate is not a quote.

Preferred Lender Incentives: Compare the Full Loan

Builders and some sellers offer incentives tied to using a preferred lender. These can help, but an incentive is one line in the deal. Ask every lender you talk to for a Loan Estimate and compare:

• Interest rate and APR
• Points and lender fees
• Whether a rate buydown is temporary or permanent, and what the payment becomes after it ends
• Total cash to close
• Rate lock terms and timing

Sometimes the incentive package is the better choice. Sometimes another lender's full offer works out better for your situation. The only way to know is to put the complete loans side by side. Our guide to month-end builder incentives covers how those offers tend to change.

Build a Buffer and Stress-Test the Payment

Being approved for a loan amount does not mean that amount fits your budget. Before you settle on a price, run a few checks:

• Price the payment with higher taxes and insurance than today's estimate, since both can rise.
• If you have a temporary buydown, budget for the full payment after it ends, not the first-year payment.
• Keep a cash cushion after closing for repairs, moving costs, and the unexpected.
• Ask how the payment would feel if your income dipped or another expense went up for a few months.

A home you can keep usually has room built into the budget.

Down payment help can make that room easier to find. SC Housing told WIS it has seen more demand for its lower-rate loans and forgivable down payment assistance, with $703 million in loan volume last fiscal year, up 51 percent. Program rules and income limits apply, so ask a participating lender whether you qualify. You can also see homes that may qualify for down payment assistance in our area.

Already a Homeowner and Falling Behind?

If you have missed a payment or expect to, the earlier you act, the more options you tend to have. Call your loan servicer before the account goes further into default and ask what workout options exist. A HUD-approved housing counselor can walk through your situation at little or no cost. South Carolina homeowners can also start with SC Housing's foreclosure prevention resources. If selling becomes the right move, selling before a foreclosure is completed generally gives you more control over timing and proceeds. We can talk through what your home might sell for and what the timeline would look like. For a full walkthrough of your options, read Behind on Your Mortgage in SC? Your Options Before Foreclosure.

How a Buyer's Agent Helps

A buyer's agent works for you. The job is to help you see the whole picture before you commit. At Citadel Cofield, that means:

• Registering with us before you tour new construction. Many builders require your agent to be present or registered at your first visit. Talk to us before you walk into a model home. Here is why registering yourself first can cost you.
• Advocating for you in negotiation, inspections, and due diligence, including the right questions about HOA documents and assessments.
• Running the numbers with you, including taxes, insurance, HOA dues, and how a lender incentive compares with other loan options.

Every transaction is different, and we do not promise any specific credit or savings. What we do is make sure you decide with the full numbers in front of you.

Thinking About Buying in South Carolina or the Charlotte Region? Talk to Us.

If the foreclosure headlines have you wondering whether now is the right time, or how much home fits your budget, we will talk it through with you. Reach out to Citadel Cofield and we will help you plan for the full cost of ownership before you make an offer.

Sources

• ATTOM, Foreclosure Activity Report by State, August 2026 (PDF)
• ATTOM, Top 10 states with largest annual increase in foreclosure starts, August 2026
• HousingWire, metro rankings and national totals
• WIS via WTOC (Oct. 5, 2026), SC Realtors and SC Housing comments
• WCSC / Live 5 (Oct. 5, 2026), SC Realtors context
• WSOC (Tina Terry, Oct. 14, 2026), Habitat for Humanity of York County comments and homeowner example
• SC Housing, avoid foreclosure resources