Three out of every 100 South Carolina mortgages were seriously underwater at the close of 2023, according to numbers released Thursday by ATTOM Data Solutions. That rate is flat compared to a year ago.
What has changed are the number of outstanding mortgages in the state, up from 885,665 to 984,781, and the share of houses considered equity rich.
The share of South Carolina homes considered equity rich dropped from 49% to just over 42% between the final quarters of 2022 and 2023. That ranks South Carolina 30th among states and four points lower than the national average.
Similar trends showed up in North Carolina and Georgia as well. While shares of seriously underwater mortgages in both states barely moved, both states saw a drop in the share of homes considered equity rich.
The South overall, along with the Midwest, had the highest concentration of seriously underwater mortgages in Q4.
South Carolina was among half of states and the District of Columbia where the percentage of seriously underwater mortgages was higher than the national average.
