South Carolina Foreclosure Activity Speeds Up in July

Statewide foreclosure filings up 36 percent from June

 

Foreclosure activity in South Carolina increased 36 percent in July to 3,788 properties with foreclosure filings, 56 percent above the level reported in July 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

South Carolina foreclosures were up in July,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which climbed 338 percent for the month. The state’s unemployment rate is still more than one percent above the national average, and its home sales declined further than most states during the first quarter. These factors are likely contributing to the recent rise.”

 

South Carolina ranked 24th in the country in total foreclosures reported for the month. With one in every 543 housing units receiving a foreclosure filing, its foreclosure rate ranked 15th among the 50 states.

 

Dorchester County posts top county foreclosure rate in July

Dorchester County posted the highest foreclosure rate, with one in every 193 housing units receiving a foreclosure filing in July. Beaufort County posted the second highest foreclosure rate, with one in every 199 housing units receiving a foreclosure filing during the month. Coming in third was Charleston County, where one in every 336 housing units received a foreclosure filing in July.

 

Charleston County dominates state with top foreclosure total for July

Charleston County led the state in total foreclosure activity, reporting 514 properties with foreclosure filings in July. Horry County documented the second highest foreclosure total, reporting 489 properties with foreclosure filings. Beaufort County came in third highest, tallying 418 properties with foreclosure filings. Fourth highest was Greenville County, where 365 properties with foreclosure filings were reported. Richland County was fifth, reporting 342 properties with foreclosure filings for the month.

 

State contributes 1 percent to nation’s monthly foreclosure total

South Carolina accounted for 1 percent of the 325,229 properties with foreclosure filings reported nationwide in July. Total U.S. activity increased by more than 3 percent from the previous month but was down almost 10 percent from the level reported in July 2009. One in every 397 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 – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

n/a

n/a

South Carolina

0

1,536

0

802

1,450

3,788

543

0.73

n/a

 

 

 

 

 

 

 

 

 

 

Dorchester

0

101

0

89

61

251

193

2.06

2.81

Beaufort

0

79

0

161

178

418

199

1.99

2.72

Charleston

0

188

0

176

150

514

336

1.18

1.62

Horry

0

152

0

1

336

489

353

1.12

1.54

Lexington

0

165

0

78

41

284

375

1.06

1.45

 

 

South Carolina Top Foreclosure Totals by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

3.63

-9.70

South Carolina

0

1,536

0

802

1,450

3,788

543

36.31

56.01

 

 

 

 

 

 

 

 

 

 

Charleston

0

188

0

176

150

514

336

40.44

119.66

Horry

0

152

0

1

336

489

353

131.75

88.80

Beaufort

0

79

0

161

178

418

199

125.95

77.12

Greenville

0

151

0

63

151

365

521

6.10

-23.16

Richland

0

254

0

3

85

342

459

24.82

60.56

 

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