South Carolina Adds More Foreclosures in August

Foreclosure activity in South Carolina rose 2 percent in August to 2,475 properties with foreclosure filings, up 79 percent from the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity ticked up again in South Carolina in August, bringing it to nearly double the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state has slowed down, though at 11.5 percent is still much worse than the national average.”

 

One in every 817 South Carolina housing units received a foreclosure filing in August, the 26th highest foreclosure rate in the nation.

 

Beaufort County posts state’s top foreclosure rate in August

Beaufort County posted the highest county foreclosure rate in the state for August, with one in every 254 housing units receiving a foreclosure filing — 3.2 times the state average. Dorchester County had the second highest rate, with one in every 340 housing units receiving a foreclosure filing during the month — 2.4 times the state average. Richland County posted the third highest rate, where one in every 394 housing units received a foreclosure filing — 2.1 times the state average.

 

Richland County leads the state in foreclosure totals for August

Richland County tallied the highest activity level, tallying 390 properties with foreclosure filings for the month. Beaufort County had the second highest total of foreclosure filings, documenting 321 properties with foreclosure filings. Reporting 309 properties with foreclosure filings for the month, Charleston County reported the third highest total in the state. Greenville County was fourth highest, reporting 290 properties with foreclosure filings, while the fifth highest total was in Lexington County, where 147 properties with foreclosure filings were reported for the month.

 

State a minor contributor to the nation’s foreclosure activity in August

South Carolina accounted for less than 1 percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

South Carolina Top Foreclosure Rates By County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

South Carolina

1

1,069

1

397

1,007

2,475

817

0.44

n/a

 

 

 

 

 

 

 

 

 

 

Beaufort

1

73

0

126

121

321

254

1.41

3.22

Dorchester

0

66

0

31

42

139

340

1.05

2.40

Richland

0

172

0

5

213

390

394

0.90

2.07

Berkeley

0

47

0

47

28

122

537

0.66

1.52

Charleston

0

141

0

86

82

309

549

0.65

1.49

 

 

South Carolina Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

South Carolina

1

1,069

1

397

1,007

2,475

817

1.94

78.83

 

 

 

 

 

 

 

 

 

 

Richland

0

172

0

5

213

390

394

83.10

137.80

Beaufort

1

73

0

126

121

321

254

36.02

473.21

Charleston

0

141

0

86

82

309

549

32.05

296.15

Greenville

0

147

0

49

94

290

642

-38.95

123.08

Lexington

0

84

0

4

59

147

710

13.08

-38.75

 

 

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