SOUTH CAROLINA FORECLOSURE ACTIVITY DOWN LESS THAN 1 PERCENT IN NOVEMBER

Foreclosure Activity Increases 284 Percent From November 2007

 

IRVINE, Calif. – Dec. 29, 2008 – South Carolina reported 2,021 properties with foreclosure filings in November, a decrease of less than 1 percent from the previous month but a 284 percent increase from November 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.

 

“Although South Carolina foreclosures were down slightly in November, they have nearly quadrupled since this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s home sales declined more than 20 percent during the past year, and that its unemployment rate is now the third highest in the nation. These factors are undoubtedly contributing to the overall rise.”

 

South Carolina ranked 25th in the country in total foreclosures for the month. With one in every 978 housing units receiving a foreclosure filing, its foreclosure rate ranked 24th highest among the 50 states.

 

Five counties dominate state’s foreclosure activity for November

Five South Carolina counties accounted for 66 percent of all foreclosure activity in the state for November. Greenville County reported 514 properties with foreclosure filings for the month. Charleston County documented the state’s second highest total, reporting 315 properties with foreclosure filings. Third highest was Berkeley County, reporting 205 properties with foreclosure filings. Dorchester County came in fourth place, documenting 158 properties with foreclosure filings, followed by Beaufort County with 154 properties with foreclosure filings.

 

Dorchester County posts top foreclosure rate for November

Dorchester County tallied the highest county foreclosure rate in the state in November, with one in every 288 housing units receiving a foreclosure filing for the month – 3.4 times the state average and 1.7 times the national average. Berkeley County posted the state’s second highest rate, with one in every 309 housing units receiving a foreclosure filing during the month – 3.2 times the state average and 1.6 times the national average. The third highest rate in the state was reported in Greenville County, where one in every 355 housing units received a foreclosure filing in November – 2.8 times the state average and 1.4 times the national average.

 

State contributes 1 percent to nation’s foreclosure total in November

South Carolina accounted for 1 percent of the 259,085 properties with foreclosure filings reported nationwide in November. The national total represented a decrease of more than 7 percent from the previous month but was still 28 percent ahead of the total reported for November 2007. One in every 488 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 Foreclosure Market Data by County – November 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

39,416

53,827

64,136

23,527

78,179

259,085

488

n/a

n/a

South Carolina

0

922

0

445

654

2,021

978

0.50

n/a

 

 

 

 

 

 

 

 

 

Abbeville

0

0

0

0

1

1

11,903

0.04

0.08

Aiken

0

2

0

3

10

15

4,469

0.11

0.22

Allendale

0

0

0

0

1

1

4,628

0.11

0.21

Anderson

0

5

0

7

42

54

1,500

0.33

0.65

Bamberg

0

0

0

0

0

0

 n/a

0.00

0.00

Barnwell

0

1

0

0

0

1

10,278

0.05

0.10

Beaufort

0

64

0

32

58

154

508

0.96

1.93

Berkeley

0

124

0

56

25

205

309

1.58

3.16

Calhoun

0

0

0

0

0

0

 n/a

0.00

0.00

Charleston

0

188

0

107

20

315

524

0.93

1.86

Cherokee

0

0

0

0

0

0

 n/a

0.00

0.00

Chester

0

1

0

1

0

2

7,387

0.07

0.13

Chesterfield

0

0

0

0

1

1

19,555

0.02

0.05

Clarendon

0

1

0

0

0

1

16,018

0.03

0.06

Colleton

0

1

0

0

1

2

9,454

0.05

0.10

Darlington

0

0

0

0

9

9

3,323

0.15

0.29

Dillon

0

0

0

1

1

2

6,451

0.08

0.15

Dorchester

0

65

0

60

33

158

288

1.69

3.39

Edgefield

0

0

0

0

6

6

1,633

0.30

0.60

Fairfield

0

0

0

4

2

6

1,805

0.27

0.54

Florence

0

4

0

3

13

20

2,687

0.18

0.36

Georgetown

0

1

0

0

4

5

6,512

0.07

0.15

Greenville

0

255

0

130

129

514

355

1.37

2.76

Greenwood

0

0

0

1

1

2

14,899

0.03

0.07

Hampton

0

0

0

0

0

0

 n/a

0.00

0.00

Horry

0

10

0

5

45

60

2,640

0.18

0.37

Jasper

0

0

0

2

0

2

4,246

0.11

0.23

Kershaw

0

3

0

0

0

3

8,378

0.06

0.12

Lancaster

0

3

0

0

13

16

1,685

0.29

0.58

Laurens

0

0

0

0

8

8

3,916

0.12

0.25

Lee

0

0

0

0

0

0

 n/a

0.00

0.00

Lexington

0

73

0

4

29

106

958

0.51

1.02

Marion

0

0

0

0

1

1

15,407

0.03

0.06

Marlboro

0

0

0

0

0

0

 n/a

0.00

0.00

Mccormick

0

0

0

0

0

0

 n/a

0.00

0.00

Newberry

0

1

0

0

9

10

1,747

0.28

0.56

Oconee

0

1

0

0

11

12

3,026

0.16

0.32

Orangeburg

0

1

0

1

6

8

5,120

0.10

0.19

Pickens

0

71

0

1

33

105

480

1.02

2.04

Richland

0

8

0

10

19

37

4,050

0.12

0.24

Saluda

0

0

0

0

1

1

8,789

0.06

0.11

Spartanburg

0

6

0

6

69

81

1,466

0.33

0.67

Sumter

0

29

0

3

26

58

766

0.64

1.28

Union

0

0

0

1

0

1

13,526

0.04

0.07

Williamsburg

0

0

0

0

0

0

 n/a

0.00

0.00

York

0

4

0

7

27

38

2,178

0.22

0.45

 

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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