SOUTH CAROLINA FORECLOSURE ACTIVITY DOWN 8 PERCENT IN OCTOBER

Foreclosure Filings Statewide Increase 263 Percent From October 2007

 

IRVINE, Calif. – Nov. 26, 2008 – Foreclosure filings were reported on 2,031 South Carolina properties in October, a decrease of 8 percent from the previous month, but still 263 percent above the level reported for October 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Though the state saw a slight decrease in activity between September and October, foreclosure filings in South Carolina are now more than triple the amount reported at this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment is on the rise within South Carolina as well, especially in the upstate area where multiple plants have recently closed.”

 

South Carolina ranked 25th in the country in total properties with foreclosure filings for October. One in every 973 South Carolina housing units received a foreclosure filing during the month, ranking 27th among the 50 states.

 

Greenville County tops in foreclosure activity for October

Greenville County led the state reporting 341 properties with foreclosure filings for the month. Charleston County came in second highest, reporting 316 properties with foreclosure filings. Richland County ranked third highest, reporting 296 properties with foreclosure filings. Berkeley County came in fourth place, documenting 185 properties with foreclosure filings.

 

Dorchester County post state’s top rate for October

Dorchester County posted the state’s highest foreclosure rate for October, with one in every 262 housing units receiving a foreclosure filing during the month — 3.7 times the state average and 1.7 times the national average. Berkeley County registered the second highest foreclosure rate, where one in every 343 housing units received a foreclosure filing — 2.8 times the state average. Richland County posted the third highest foreclosure rate, where one in every 506 housing units received a foreclosure filing during the month — 1.9 times the state average.

 

State a minor contributor to nation’s foreclosure total in October

South Carolina accounted for less than 1 percent of the 279,561 properties with foreclosure filings reported nationwide in October. The national total represented an increase of more than 5 percent from the previous month and was almost 25 percent ahead of the total reported for October 2007. The nation’s foreclosure rate rose to one in every 452 U.S. housing units receiving 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 Foreclosure Market Data by County – October 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

36,036

66,033

66,319

26,305

84,868

279,561

452

n/a

n/a

South Carolina

0

637

0

442

952

2,031

973

0.46

n/a

 

 

 

 

 

 

 

 

 

Abbeville

0

0

0

0

1

1

11,903

0.04

0.08

Aiken

0

2

0

1

13

16

4,190

0.11

0.23

Allendale

0

0

0

0

0

0

 n/a

0.00

0.00

Anderson

0

4

0

6

34

44

1,841

0.25

0.53

Bamberg

0

0

0

1

1

2

3,603

0.13

0.27

Barnwell

0

0

0

0

0

0

 n/a

0.00

0.00

Beaufort

0

2

0

4

60

66

1,185

0.38

0.82

Berkeley

0

88

0

72

25

185

343

1.32

2.84

Calhoun

0

0

0

0

0

0

 n/a

0.00

0.00

Charleston

0

158

0

102

56

316

523

0.86

1.86

Cherokee

0

0

0

0

1

1

23,147

0.02

0.04

Chester

0

1

0

1

1

3

4,924

0.09

0.20

Chesterfield

0

0

0

1

3

4

4,889

0.09

0.20

Clarendon

0

0

0

0

0

0

 n/a

0.00

0.00

Colleton

0

1

0

0

9

10

1,891

0.24

0.51

Darlington

0

2

0

0

4

6

4,985

0.09

0.20

Dillon

0

0

0

2

0

2

6,451

0.07

0.15

Dorchester

0

86

0

55

33

174

262

1.73

3.72

Edgefield

0

0

0

0

3

3

3,265

0.14

0.30

Fairfield

0

3

0

3

3

9

1,203

0.38

0.81

Florence

0

1

0

0

11

12

4,478

0.10

0.22

Georgetown

0

1

0

0

4

5

6,512

0.07

0.15

Greenville

0

91

0

151

99

341

535

0.85

1.82

Greenwood

0

1

0

2

0

3

9,933

0.05

0.10

Hampton

0

0

0

0

0

0

 n/a

0.00

0.00

Horry

0

4

0

5

39

48

3,300

0.14

0.29

Jasper

0

0

0

1

3

4

2,123

0.21

0.46

Kershaw

0

1

0

12

1

14

1,795

0.25

0.54

Lancaster

0

1

0

0

8

9

2,996

0.15

0.32

Laurens

0

1

0

2

17

20

1,566

0.29

0.62

Lee

0

0

0

0

0

0

 n/a

0.00

0.00

Lexington

0

102

0

1

71

174

584

0.77

1.67

Marion

0

0

0

1

0

1

15,407

0.03

0.06

Marlboro

0

0

0

0

0

0

 n/a

0.00

0.00

McCormick

0

0

0

1

0

1

4,816

0.09

0.20

Newberry

0

1

0

0

9

10

1,747

0.26

0.56

Oconee

0

2

0

0

15

17

2,136

0.21

0.46

Orangeburg

0

2

0

2

9

13

3,151

0.14

0.31

Pickens

0

0

0

1

28

29

1,737

0.26

0.56

Richland

0

69

0

4

223

296

506

0.89

1.92

Saluda

0

0

0

0

0

0

 n/a

0.00

0.00

Spartanburg

0

7

0

6

85

98

1,212

0.37

0.80

Sumter

0

1

0

1

24

26

1,710

0.26

0.57

Union

0

0

0

0

1

1

13,526

0.03

0.07

Williamsburg

0

0

0

0

1

1

15,801

0.03

0.06

York

0

5

0

4

57

66

1,254

0.36

0.78

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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