South Carolina Foreclosure Activity Trends Upward in May

Total foreclosure filings statewide up 34 percent from April

 

South Carolina foreclosure activity rose in May to 3,092 properties with foreclosure filings, a 34 percent increase from the previous month, and still 121 percent ahead of May 2008, according to RealtyTrac’s® latest U.S. Foreclosure Market Report.  

 

South Carolina foreclosures are up both in May and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state currently holds the third highest unemployment rate in the nation, with more than 90,000 jobs lost during the past year. This is a leading factor in South Carolina’s foreclosure situation.”

 

South Carolina ranked 21st in the country in total foreclosures reported for the month. With one in every 654 housing units receiving a foreclosure filing, its foreclosure rate ranked 16th among the 50 states.

 

Five counties accounted for 63 percent of state’s foreclosure activity for May

Greenville County led all counties, reporting 548 properties with foreclosure filings for the month. Richland County posted the second highest total, where 441 properties with foreclosure filings were reported. Horry County had the third highest total, reporting 350 properties with foreclosure filings, followed by Beaufort County, where 312 properties with foreclosure filings were tallied. Charleston County held the fifth highest total, where 297 properties with foreclosure filings were reported for the month.

 

Beaufort County posts state’s highest foreclosure rate for May

Beaufort County posted the highest county foreclosure rate in the state, with one in every 261 housing units receiving a foreclosure filing during the month. Dorchester County had the second highest rate, with one in every 300 housing units receiving a foreclosure filing. York County posted the third highest rate, where one in every 323 housing units received a foreclosure filing during the month.

 

State contributes 1 percent to nation’s foreclosure activity for May

Foreclosure activity in South Carolina represented 1 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month but was still nearly 18 percent ahead of May 2008. One in every 398 U.S. housing units received a foreclosure filing during the month.

 

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 month — 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 month — which is extremely rare — 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 Foreclosure Market Data by County – May 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 09

% Chg May 08

 

 

 

 

 

 

 

 

 

 

United States

55,442

67,687

100,578

32,756

65,017

321,480

398

– 6.01

17.76

South Carolina

0

1,962

0

341

789

3,092

654

33.91

121.17

 

 

 

 

 

 

 

 

 

 

Abbeville

0

0

0

0

0

0

 n/a

n/a 

n/a 

Aiken

0

42

0

0

23

65

1,045

-7.14

261.11

Allendale

0

0

0

0

0

0

 n/a

 n/a

 n/a

Anderson

0

3

0

1

25

29

2,839

-23.68

-88.11

Bamberg

0

0

0

0

0

0

 n/a

 n/a

 n/a

Barnwell

0

0

0

0

0

0

 n/a

-100.00

 n/a

Beaufort

0

168

0

109

35

312

261

43.78

578.26

Berkeley

0

63

0

5

47

115

569

-41.62

325.93

Calhoun

0

0

0

0

1

1

7,319

 n/a

 n/a

Charleston

0

218

0

56

23

297

571

-11.87

149.58

Cherokee

0

0

0

0

1

1

23,200

 n/a

0.00

Chester

0

1

0

0

1

2

7,419

100.00

100.00

Chesterfield

0

0

0

0

1

1

19,570

 n/a

 n/a

Clarendon

0

1

0

0

0

1

16,113

 n/a

 n/a

Colleton

0

1

0

0

10

11

1,727

37.50

37.50

Darlington

0

0

0

0

4

4

7,493

-20.00

-50.00

Dillon

0

0

0

0

0

0

 n/a

-100.00

 n/a

Dorchester

0

88

0

42

28

158

300

-31.90

364.71

Edgefield

0

0

0

0

3

3

3,301

 n/a

-40.00

Fairfield

0

0

0

0

1

1

10,883

-92.86

-91.67

Florence

0

0

0

0

16

16

3,393

77.78

0.00

Georgetown

0

0

0

0

9

9

3,688

-47.06

12.50

Greenville

0

386

0

26

136

548

340

43.46

209.60

Greenwood

0

1

0

0

0

1

29,898

0.00

0.00

Hampton

0

0

0

0

0

0

 n/a

 n/a

-100.00

Horry

0

223

0

0

127

350

480

74.13

236.54

Jasper

0

0

0

0

1

1

8,737

-88.89

-66.67

Kershaw

0

4

0

19

6

29

881

11.54

625.00

Lancaster

0

0

0

1

7

8

3,692

-46.67

0.00

Laurens

0

0

0

0

12

12

2,613

-33.33

-25.00

Lee

0

1

0

0

0

1

7,979

 n/a

0.00

Lexington

0

144

0

0

20

164

636

130.99

100.00

Marion

0

0

0

0

1

1

15,409

 n/a

0.00

Marlboro

0

0

0

0

0

0

 n/a

 n/a

 n/a

McCormick

0

0

0

0

0

0

 n/a

 n/a

 n/a

Newberry

0

15

0

0

5

20

880

-31.03

150.00

Oconee

0

2

0

0

13

15

2,468

200.00

7.14

Orangeburg

0

1

0

0

8

9

4,572

-73.53

-50.00

Pickens

0

47

0

0

14

61

837

-31.46

117.86

Richland

0

366

0

1

74

441

349

687.50

140.98

Saluda

0

0

0

0

4

4

2,200

300.00

33.33

Spartanburg

0

1

0

1

74

76

1,588

26.67

-44.12

Sumter

0

41

0

0

18

59

763

13.46

90.32

Union

0

0

0

0

0

0

 n/a

 n/a

 n/a

Williamsburg

0

0

0

0

0

0

 n/a

 n/a

 n/a

York

0

145

0

80

41

266

323

135.40

731.25

 

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