South Carolina Foreclosure Activity Increases in May

Statewide foreclosure filings rose 29 percent from April; Up 31 percent from May 2009

 

Foreclosure activity in South Carolina rose 29 percent in May to 4,064 properties with foreclosure filings and 31 percent from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

South Carolina foreclosures were up in May,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which climbed 46 percent during the month. Although declining, the state’s unemployment rate still remains among the nation’s top ten. This is definitely contributing to the overall rise.”

 

South Carolina ranked 20th in the country in total foreclosures reported for the month. With one in every 506 housing units receiving a foreclosure filing, its foreclosure rate ranked 15th among the 50 states.

 

Dorchester County dominates foreclosure rate in May

Dorchester County posted the highest foreclosure rate in South Carolina for May, with one in every 190 housing units receiving a foreclosure filing — 2.7 times the state average. Beaufort County came in second, with one in every 239 housing units receiving a foreclosure filing — 2.1 times the state average. Berkeley County had the third highest foreclosure rate in the state, with one in every 302 housing units receiving a foreclosure filing. Charleston County posted the fourth highest foreclosure rate, with one in every 307 housing units receiving a foreclosure filing.

 

Charleston County tops in foreclosure total for May

Charleston County came out on top, reporting 562 properties with foreclosure filings for the month. Greenville County followed in second, documenting 513 properties with foreclosure filings. Beaufort County reported the third highest foreclosure ranking, reporting 349 properties with foreclosure filings for the month. Horry County was fourth highest, reporting 348 properties with foreclosure filings.

 

State contributes 1 percent to nation’s monthly foreclosure total in May

South Carolina accounted for 1 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 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: 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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

South Carolina

0

1,826

0

953

1,285

4,064

506

0.79

n/a

 

 

 

 

 

 

 

 

 

 

Dorchester

0

98

0

101

56

255

190

2.10

2.66

Beaufort

0

58

0

186

105

349

239

1.67

2.12

Berkeley

0

87

0

74

62

223

302

1.33

1.68

Charleston

0

232

0

132

198

562

307

1.30

1.65

Lexington

0

162

0

78

92

332

321

1.24

1.58

 

South Carolina Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

South Carolina

0

1,826

0

953

1,285

4,064

506

29.22

31.44

 

 

 

 

 

 

 

 

 

 

Charleston

0

232

0

132

198

562

307

48.68

89.23

Greenville

0

197

0

218

98

513

370

8.46

-6.39

Beaufort

0

58

0

186

105

349

239

17.91

11.86

Horry

0

174

0

0

174

348

497

32.32

-0.57

Richland

0

225

0

12

104

341

460

67.16

-22.68

 

 

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