South Carolina Foreclosure Activity Falls in November

Statewide filings down 23 percent from October; up 10 percent from previous year

 

South Carolina foreclosure activity fell in November to 2,219 properties with foreclosure filings, down 23 percent from the previous month, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The monthly total is 10 percent ahead of the level reported in November 2008.

 

“South Carolina foreclosures were down in November,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in auctions, which fell 57 percent for the month. Although still above the national average, the state’s unemployment rate has dropped during the month, and home sales have picked up recently. These factors are likely driving the recent decline.”

 

South Carolina ranked 27th in the country in total foreclosures reported for the month. With one in every 911 housing units receiving a foreclosure filing, its foreclosure rate ranked 30th among the 50 states.

 

Dorchester County posts state’s highest foreclosure rate in November

Dorchester County posted the highest county foreclosure rate in the state for November, with one in every 233 housing units receiving a foreclosure filing — 1.8 times the national average and 3.9 times the state average. Beaufort County had the second highest foreclosure rate, with one in every 314 housing units receiving a foreclosure filing — 1.3 times the national average and 2.9 times the state average. Charleston County came in third highest foreclosure rate, with one in every 459 housing units receiving a foreclosure filing — twice the state average.

 

Charleston County led state in total foreclosure filings for November

Charleston County led all counties, totaling 369 properties with foreclosure filings for the month. Beaufort County was second highest, documenting 259 properties with foreclosure filings. Reporting 254 properties with foreclosure filings for the month, Greenville County had the third highest total in the state, while Richland County was fourth highest, reporting 250 properties with foreclosure filings for the month.

 

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

South Carolina accounted for 1 percent of the 306,627 properties with foreclosure filings reported nationwide in November. Total U.S. activity declined nearly 8 percent from the previous month but was still 18 percent ahead of November 2008. One in every 417 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: DefaultNotice 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 received for a property during the month, 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 – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

n/a

n/a

South Carolina

0

1,047

0

261

911

2,219

911

0.46

n/a

 

 

 

 

 

 

 

 

 

 

Dorchester

0

57

0

57

89

203

233

1.79

3.91

Beaufort

0

92

0

5

162

259

314

1.33

2.90

Charleston

0

187

0

99

83

369

459

0.91

1.98

Richland

0

151

0

9

90

250

615

0.68

1.48

Berkeley

0

26

0

37

40

103

636

0.66

1.43

 

 

 

South Carolina Top Foreclosure Totals by County – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 09

% Chg Nov 08

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

-7.72

18.35

South Carolina

0

1,047

0

261

911

2,219

911

-23.19

9.80

 

 

 

 

 

 

 

 

 

 

Charleston

0

187

0

99

83

369

459

0.91

1.98

Beaufort

0

92

0

5

162

259

314

1.33

2.90

Greenville

0

180

0

7

67

254

733

0.57

1.24

Richland

0

151

0

9

90

250

615

0.68

1.48

Dorchester

0

57

0

57

89

203

233

1.79

3.91

 

 

 

 

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