by WILL FOLKS
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While South Carolina’s “Republican” leaders are busy blowing billions of dollars on bloated bureaucracies, political pork and corporate welfare handouts, Palmetto State citizens are dealing with increasingly ominous economic headwinds.
And getting no help from the “leaders” they elected…
The disconnect is starting to have dire outcomes, too. According to national foreclosure data compiled by ATTOM, a firm which bills itself as a “leading curator of land, property data and real estate analytics,” South Carolina leads the country in its home foreclosure rate.
One in every 1,547 housing units in South Carolina had a foreclosure filing (i.e. a default notice, scheduled action or bank repossession) during the month of August, ATTOM’s data revealed. That troubling rate put the Palmetto State well ahead of Nevada (one filing per every 1,920 housing units), Florida (one filing per every 2,397 housing units) and Texas (one filing per every 2,445 housing units).
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South Carolina metropolitan statistical area (MSA)s dominated the national list, too, with Columbia, S.C. ranking worst in the entire country with one foreclosure filing for every 1,232 housing units. Spartanburg, S.C. ranked third (one filing per 1,262 housing units) and Charleston ranked fifth on the list (one filing per 1,501 housing units).
Nationally, one in every 3,569 housing units had a foreclosure filing attached to it last month.
Last fall, we reported on November 2025 data from ATTOM which showed South Carolina at No. 2 nationally in home foreclosure rates. At the time, the state’s foreclosure rate was one per every 1,973 housing units – meaning the pace of filings has accelerated since then.
One in every 3,992 housing units in the country had a foreclosure filing attached to it last November, per ATTOM’s data.
Residents of the Palmetto State are facing increasingly acute economic pressure as energy costs – particular gas prices – have skyrocketed in the aftermath of U.S. president Donald Trump‘s ill-conceived war with the Islamic Republic of Iran.
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RELATED | HENRY McMASTER REFUSES TO ACT ON TAX RELIEF
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Ironically, Trump was convinced of the efficacy of launching the Iran war by the late U.S. senator Lindsey Graham of South Carolina. Graham’s sister – Darline Graham Nordone – is the GOP nominee for the seat vacated by her brother’s death in July.
Nordone’s opponent, Democrat Annie Andrews, has proposed suspending the federal gas tax on gasoline and diesel as a way of ameliorating pressure on South Carolina families and businesses, but as of this publication Nordone has not followed suit.
South Carolina “Republican” leaders Henry McMaster, Murrell Smith and Bruce Bannister have also blocked attempts by leaders in the S.C. Freedom Caucus to suspend the state’s gas tax – while McMaster has also opposed providing one-time rebates to beleaguered motorists.
Smith and his allies in the S.C. General Assembly bragged about passing “historic” income tax relief earlier this year, but their legislation amounted to a pittance of tax relief for an estimated 42.8% of Palmetto State taxpayers. Meanwhile, 34.6% of taxpayers saw no change in their bill and 22.6% actually saw their obligation increase under the proposal.
Count on FITSNews to keep tabs on the economic pressures Palmetto State citizens are facing – and what our elected representative are (or, more likely, aren’t) doing about them.
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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. He lives in the Midlands region of the state with his wife and eight children.
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4 comments
well isn’t this something to be proud of?
I’m all for tax reduction, but there is clearly something more going on behind the foreclosure stat than taxes and gas prices. Pretty sure the gas prices are affecting all the other southern states in a fashion similar to SC. I think Tennessee & Florida are the only southern states without an income tax (add Texas if you include them as southern). So I’d like to hear from someone who has examine the broader economic picture to see what is putting us in this situation.
I feel quite certain that the reason for a home foreclosure is the failure of the homeowner to pay the mortgage payment. Regardless of whether South Carolina is first, or last, in the nation in home foreclosure rates – it comes down to simple economics. Make your house payment on time, every month, and no foreclosure. This is exclusively a matter of budgeting and priorities. It has nothing to do with gas prices, the military conflict in Iran, Lindsay Graham, or whoever may be currently occupying the White House.
Don’t worry, when the bottom falls out from under the economy (thanks Trump!) then we’ll see how SC does with some real competition.