Foreclosure Home Housing & Foreclosure Reports South Carolina Foreclosure Activity Rises in February

South Carolina Foreclosure Activity Rises in February

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Statewide filings up 33 percent from January

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 4,373 South Carolina properties in February, a 33 percent increase from January and 57 percent above the level reported for February 2011, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

South Carolina had the eighth highest foreclosure rate in the nation, reporting one in every 489 housing units with a foreclosure filing in February.

Horry County posts top foreclosure rate and total in the state for February
 One in every 252 housing units in Horry County had a foreclosure filing in February — 2.5 times the national average and 1.9 times the state average — the highest foreclosure rate of all South Carolina counties for the month. Horry County also had the highest foreclosure total, reporting 738 properties with foreclosure filings for the month.

Dorchester County had the second highest rate of one in every 321 housing units with a foreclosure filing during the month — twice the national average and 1.5 times the state average. Beaufort County had the third highest rate of one in every 325 housing units with a foreclosure filing during the month — twice the national average and 1.5 times the state average.

Greenville County had the second highest total, reporting 478 properties with foreclosure filings. Charleston County was third, reporting 379 properties with foreclosure filings. Fourth highest was Richland County, recording 344 properties with foreclosure filings. Beaufort County was fifth, tallying 286 properties with foreclosure filings for the month.

State a moderate contributor to total foreclosure activity in February
 South Carolina accounted for 2 percent of the 206,900 properties with foreclosure filings reported nationwide in February. Total U.S. activity decreased by 2 percent from January and was down over 8 percent from the level reported in February 2011. One in every 637 U.S. housing units received a foreclosure filing during the month.

“February’s numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed,” said Brandon Moore, CEO of RealtyTrac. “Although national foreclosure activity was pushed lower by decreases in a handful of larger states, 21 states posted annual increases in foreclosure activity, the most states with annual increases since November 2010.

“The foreclosure and mortgage settlement filed in court earlier this week will help pave the way to a properly functioning foreclosure process by providing a clear roadmap for necessary foreclosures,” Moore continued. “That should result in more states posting annual increases in the coming months. Not surprisingly, many of the biggest annual increases in February were in states with the more bureaucratic judicial foreclosure process, which resulted in a larger backlog of foreclosures built up over the last 18 months in those states.”

South Carolina Top Foreclosure Rates By County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

n/a

n/a

South Carolina

0

2,587

0

801

985

4,373

489

1.30

n/a

 

 

 

 

 

 

 

 

 

 

Horry

0

287

0

137

314

738

252

2.53

1.94

Dorchester

0

113

0

43

16

172

321

1.98

1.52

Beaufort

0

147

0

70

69

286

325

1.96

1.50

Berkeley

0

131

0

67

14

212

346

1.84

1.41

York

0

165

0

33

54

252

374

1.70

1.31

 

South Carolina Top Foreclosure Totals by County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 12

% Chg Feb 11

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

-1.92

-8.09

South Carolina

0

2,587

0

801

985

4,373

489

33.08

56.68

 

 

 

 

 

 

 

 

 

 

Horry

0

287

0

137

314

738

252

94.72

263.55

Greenville

0

310

0

125

43

478

409

30.96

25.79

Charleston

0

278

0

62

39

379

449

45.21

15.90

Richland

0

194

0

45

105

344

470

21.99

39.84

Beaufort

0

147

0

70

69

286

325

55.43

34.91


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