South Carolina Foreclosure Activity Rises in February

Statewide filings increase less than 1 percent from January

 

Foreclosure activity in South Carolina rose lightly in February to 3,114 properties with foreclosure filings, up less than one percent from the previous month and 26 percent ahead of the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“South Carolina foreclosure activity continued to rise in February, though the rate at which new filings are added appears to be slowing,” said James J. Saccacio, chief executive officer of RealtyTrac. “That said, unemployment within the state is now a staggering 12.6 percent, sending a clear message that South Carolina’s foreclosure woes are far from over.”

 

One in every 660 South Carolina housing units received a foreclosure filing in February, the 20th highest rate in the nation.

 

Dorchester County posts top foreclosure rate in the state for February

Dorchester County posted the state’s highest county foreclosure rate in February, with one in every 283 housing units receiving a foreclosure filing — 2.3 times the state average. Beaufort County was second, with one in every 316 housing units receiving a foreclosure filing — 2.1 times the state average. Greenville County came in third highest, with one in every 336 housing units receiving a foreclosure filing — twice the state average.

 

Greenville County led the state in total foreclosures in February

Greenville County led the way, totaling 566 properties with foreclosure filings for the month. Charleston County was second, documenting 310 properties with foreclosure filings. Richland County ranked third highest, reporting 268 properties with foreclosure filings for the month. Beaufort County came in fourth place, reporting 264 properties with foreclosure filings, while the fifth highest total was in Horry County, where 221 properties with foreclosure filings were reported for the month.

 

State a moderate contributor to nation’s month foreclosure total

South Carolina accounted for 1 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 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 – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

South Carolina

0

1,647

0

387

1,080

3,114

3,101

0.63

n/a

 

 

 

 

 

 

 

 

 

 

Dorchester

0

111

0

0

60

171

283

1.48

2.33

Beaufort

0

57

0

78

129

264

316

1.32

2.09

Greenville

0

282

0

185

99

566

336

1.25

1.97

Berkeley

0

123

0

0

57

180

374

1.12

1.77

Lexington

0

120

0

56

40

216

493

0.85

1.34

 

 

South Carolina Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

South Carolina

0

1,647

0

387

1,080

3,114

3,101

0.42

25.92

 

 

 

 

 

 

 

 

 

 

Greenville

0

282

0

185

99

566

336

44.39

12.08

Charleston

0

169

0

17

124

310

557

-48.50

8.01

Richland

0

167

0

8

93

268

586

-2.55

64.42

Beaufort

0

57

0

78

129

264

316

-27.27

68.15

Horry

0

167

0

1

53

221

782

10.50

-10.16

 

 

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