South Carolina Foreclosure Activity Rises in First Quarter

Statewide foreclosure filings up from last year

March numbers up from a month earlier; up from a year ago

 

Foreclosure activity in South Carolina rose 29 percent during the first quarter of 2010, and was up 34 percent from the same period last year. In all, the state reported 9,385 properties with foreclosure filings during the quarter.

 

During the month of March, the state reported 3,799 properties with foreclosure filings, a 22 percent increase from the previous month, and 61 percent above the level reported in March 2009. One in every 541 South Carolina housing units received a foreclosure filing during the month, the 19th highest state foreclosure rate.

 

“South Carolina foreclosures were up during the first quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which climbed 36 percent during the quarter. The state’s unemployment rate is still well above the national average, and it currently holds the sixth highest number in the nation. This trend needs to turn around a bit before we see a significant decrease in foreclosures here.”

 

South Carolina ranked 22nd in the country in total foreclosures reported for the first quarter. With one in every 219 housing units receiving a foreclosure filing, its foreclosure rate ranked 19th among the 50 states.

 

Beaufort County tops in foreclosure rate for the first quarter

Beaufort County posted the highest county foreclosure rate in South Carolina during the first quarter, as one in every 96 housing units received a foreclosure filing — 2.3 times the state average. Dorchester County came in second, with one in every 107 housing units receiving a foreclosure filing — twice the state average. Greenville County came in third highest, with one in every 131 housing units receiving a foreclosure filing — 1.7 times the state average.

 

Greenville County led state in total foreclosures for the first quarter

Greenville County documented 1,450 properties with foreclosure filings for the quarter. Charleston County was second, reporting 1,292 properties with foreclosure filings. Richland County came in third, reporting 875 properties with foreclosure filings for the month.

 

State contributes less than 1 percent to the nation’s quarterly foreclosure total

South Carolina represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 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: 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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

South Carolina

0

4,376

0

1,614

3,395

9,385

219

0.01

n/a

 

 

 

 

 

 

 

 

 

 

Beaufort

0

267

0

216

383

866

96

1.44

2.28

Dorchester

0

241

0

55

156

452

107

1.29

2.04

Greenville

0

589

0

533

328

1,450

131

1.06

1.67

Berkeley

0

281

0

68

158

507

133

1.04

1.65

Charleston

0

565

0

182

545

1,292

134

1.04

1.64

 

 

 

South Carolina Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

South Carolina

0

4,376

0

1,614

3,395

9,385

219

29.00

33.77

 

 

 

 

 

 

 

 

 

 

Greenville

2,114

0

1,455

0

1,029

1,450

131

1.06

1.67

Charleston

925

0

357

0

629

1,292

134

1.04

1.64

Richland

157

0

582

0

435

875

179

0.77

1.22

Beaufort

291

0

257

0

235

866

96

1.44

2.28

Horry

10

0

442

0

195

655

264

0.52

0.83

 

 

 

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