SOUTH CAROLINA FORECLOSURE ACTIVITY INCREASES 27 PERCENT IN FIRST QUARTER

State Foreclosure Activity Up 262 Percent From Q1 2008

Monthly Activity Down 4 percent in March, Surges 154 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 7,016 South Carolina properties in the first quarter of 2009, a 27 percent increase from the previous quarter, and 262 percent ahead of the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Palmetto State reported 2,366 properties with foreclosure filings in March, a 4 percent decrease from the previous month and 154 percent above its March 2008 total.

 

South Carolina foreclosures have skyrocketed during the past year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state lost nearly 100,000 jobs during the past year and now holds the third highest unemployment rate in the country. This is definitely contributing to the overall rise.”

 

South Carolina documented the 24th highest raw number of properties receiving foreclosure filings in the first quarter, its foreclosure rate — one in every 288 housing units received a foreclosure filing during the quarter — came in 23rd among the 50 states.

 

Five counties largest contributors to state total for the quarter

Five South Carolina counties accounted for 60 percent of the state’s overall foreclosure activity during the first quarter. Greenville County came in first place, reporting 1,271 properties with foreclosure filings. Charleston County was second, reporting 1,147 properties with foreclosure filings for the quarter. Horry County was behind in third, reporting 676 properties with foreclosure filings. Dorchester County registered the fourth highest total, documenting 579 properties with foreclosure filings. Beaufort County posted the fifth highest total, where 533 properties with foreclosure filings were reported.

 

Dorchester County scores highest rates in the state for first quarter

Dorchester County led the state, with one in every 82 housing units receiving a foreclosure filing — 3.5 times the state average and two times the national average. Berkeley County came in second, with one in every 143 housing units receiving a foreclosure filing — two times the state average. Greenville County registered the third highest foreclosure rate, where one in every 146 housing units received a foreclosure filing during the month — 1.9 times the state average.

 

State the contributes 1 percent to nation’s foreclosure total for Q1 2009

South Carolina accounted for 1 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

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 quarter — 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 quarter — which is extremely rare — only the most recent filing is counted in the report.

 

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 – Q1 2009

Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%Change from Q4 08

%Change from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16%

23.63%

South Carolina

0

3,196

29

1,372

2,419

7,016

288

27.10%

261.84%

 

 

 

 

 

 

 

 

 

 

Abbeville

0

0

0

1

0

1

11,921

-75.00%

0.00%

Aiken

0

156

1

4

55

216

315

242.86%

307.55%

Allendale

0

0

0

1

0

1

4,617

-50.00%

Anderson

0

8

1

9

110

128

643

0.79%

0.79%

Bamberg

0

0

0

0

0

0

-100.00%

Barnwell

0

5

0

0

0

5

2,051

400.00%

400.00%

Beaufort

0

224

1

161

147

533

153

57.23%

661.43%

Berkeley

0

270

0

99

90

459

143

3.15%

565.22%

Calhoun

0

0

0

2

0

2

3,660

Charleston

0

668

0

175

304

1,147

148

55.42%

441.04%

Cherokee

0

0

1

3

0

4

5,800

0.00%

300.00%

Chester

0

0

0

2

3

5

2,968

66.67%

66.67%

Chesterfield

0

0

0

2

0

2

9,785

-60.00%

Clarendon

0

0

0

0

0

0

-100.00%

Colleton

0

0

0

2

13

15

1,267

-34.78%

66.67%

Darlington

0

0

3

4

26

33

908

50.00%

106.25%

Dillon

0

0

0

3

0

3

4,304

-50.00%

Dorchester

0

296

1

158

124

579

82

38.85%

632.91%

Edgefield

0

1

0

1

4

6

1,650

-45.45%

-60.00%

Fairfield

0

0

0

14

13

27

403

80.00%

170.00%

Florence

0

2

1

10

40

53

1,024

32.50%

488.89%

Georgetown

0

4

0

0

22

26

1,277

100.00%

420.00%

Greenville

0

520

3

414

334

1,271

146

-5.71%

288.69%

Greenwood

0

0

1

3

3

7

4,271

16.67%

250.00%

Hampton

0

0

0

0

1

1

8,723

0.00%

Horry

0

549

2

26

99

676

249

436.51%

1369.57%

Jasper

0

0

0

4

4

8

1,092

0.00%

14.29%

Kershaw

0

0

0

45

3

48

532

6.67%

4700.00%

Lancaster

0

0

1

3

38

42

703

16.67%

61.54%

Laurens

0

0

1

2

34

37

847

-26.00%

-24.49%

Lee

0

0

0

0

0

0

-100.00%

Lexington

0

3

1

8

148

160

652

-45.76%

-39.16%

Marion

0

1

0

0

1

2

7,705

-33.33%

100.00%

Marlboro

0

1

0

0

0

1

11,963

0.00%

0.00%

McCormick

0

0

0

0

1

1

4,851

0.00%

Newberry

0

35

0

3

21

59

298

73.53%

2850.00%

Oconee

0

0

0

2

32

34

1,089

-12.82%

750.00%

Orangeburg

0

2

1

74

52

129

319

59.26%

148.08%

Pickens

0

165

1

4

95

265

193

50.57%

5200.00%

Richland

0

4

3

20

303

330

466

-10.57%

19.57%

Saluda

0

0

0

2

9

11

800

450.00%

Spartanburg

0

4

5

19

122

150

805

-35.90%

11.94%

Sumter

0

46

0

6

37

89

506

-51.37%

48.33%

Union

0

0

0

0

0

0

-100.00%

-100.00%

Williamsburg

0

0

0

0

0

0

-100.00%

York

0

232

1

86

131

450

191

134.38%

22400.00%

                

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved