South Carolina Foreclosure Activity Fell in Second Quarter

Activity level fell slightly from Q1

Foreclosure filings increase 21 percent mid-year; down 32 percent in June

 

South Carolina reported 9,364 properties with foreclosure filings for the second quarter of 2010, a slight fall from the first quarter, but still 38 percent above the level reported in the second quarter of 2009.

 

Activity level in South Carolina rose during the first half of 2010, but fell for the month of June. For the first six months of the year, South Carolina reported 17,616 properties with foreclosure filings, a 21 percent rise in activity from the second half of 2009 and 34 percent above the level reported mid-year 2009. In June the state tallied 2,779 properties with foreclosure filings, a decrease of 32 percent from the previous month, but still up 65 percent from June 2009.

 

“Foreclosure activity in South Carolina fell slightly during the second quarter this year, though it remained significantly above the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The number of South Carolina filings rose across the first half of this year as compared to the previous six month period as high unemployment — above 10 percent — plagued the state.”

 

One in every 220 South Carolina housing units received a foreclosure filing during the quarter, giving the state the 23rd highest foreclosure rate in the nation.

 

Dorchester County posts state’s top foreclosure rate for the quarter

Dorchester County posted the highest county foreclosure rate in South Carolina during the second quarter, with one in every 97 housing units receiving a foreclosure filing — 2.3 times the state average. Beaufort County had the second highest foreclosure rate, with one in every 111 housing units receiving a foreclosure filing — twice the state average. Berkeley County had the third highest foreclosure rate, with one in every 136 housing units receiving a foreclosure filing — 1.6 times the state average.

 

Greenville County leads state in total foreclosures for the second quarter

Greenville County led the state in total foreclosures, reporting 1,259 properties with foreclosure filings for the quarter. Charleston County had the second highest foreclosure total, reporting 1,241 properties with foreclosure filings. Reporting 793 properties with foreclosure filings for the quarter, Horry County came in third. Richland County was fourth, reporting 785 properties with foreclosure filings. Fifth highest total was Beaufort County, where 750 properties with foreclosure filings were reported for the quarter.

 

State a moderate contributor to nation’s quarterly total

Foreclosure activity in South Carolina represented 1 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 U.S. housing units received a foreclosure filing during the quarter.

 

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: 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 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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

South Carolina

0

4,527

0

1,398

3,439

9,364

220

0.66

n/a

 

 

 

 

 

 

 

 

 

 

Dorchester

0

220

0

126

155

501

97

1.49

2.27

Beaufort

0

195

0

218

337

750

111

1.30

1.98

Berkeley

0

245

0

82

167

494

136

1.06

1.61

Charleston

0

506

0

303

432

1,241

139

1.04

1.58

Greenville

0

606

0

343

310

1,259

151

0.95

1.45

 

 

South Carolina Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

South Carolina

0

4,527

0

1,398

3,439

9,364

220

-0.22

37.73

 

 

 

 

 

 

 

 

 

 

Greenville

0

606

0

343

310

1,259

151

-13.17

25.65

Charleston

0

506

0

303

432

1,241

139

-3.95

37.28

Horry

0

518

0

2

273

793

218

21.07

5.03

Richland

0

458

0

9

318

785

200

-10.29

-4.96

Beaufort

0

195

0

218

337

750

111

-13.39

26.26

 

 

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