SOUTH CAROLINA FORECLOSURE ACTIVITY UP 25 PERCENT IN JULY

Foreclosure Activity Up 224 Percent From a Year Ago

 

IRVINE, Calif. – Aug. 29, 2008 – South Carolina reported 1,333 properties with foreclosure filings in July, a 25 percent increase from the previous month, and a 224 percent increase from July 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

South Carolina foreclosures are up both in July and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state currently holds one of the top ten unemployment rates in the country. This, in addition to the overall decline in the housing market, is likely to blame for the increase.”

 

South Carolina ranked 28th in the country in total foreclosures reported for the month. With one in every 1,482 households receiving a foreclosure filing, South Carolinas foreclosure rate ranked 34th among the 50 states.

 

Top five counties responsible for bulk of state’s foreclosure activity

Five South Carolina counties accounted for 60 percent of all foreclosure activity in the state for July. Anderson County led the state reporting 236 properties with foreclosure filings. Second highest total was in Greenville County, reporting 198 properties with foreclosure filings. Lexington County reported the third highest foreclosure total, reporting 156 properties with foreclosure filings. Charleston County came in fourth, reporting 109 properties with foreclosure filings were reported. Spartanburg County came in fifth with 101 properties with foreclosure filings.

 

Anderson County posts top foreclosure rate for July

Anderson County tallied the highest county foreclosure rate in South Carolina for July, with one in every 343 households receiving a foreclosure filing for the month — 4.3 times the state average. Lexington County posted the state’s second highest foreclosure rate, with one in every 651 households receiving a foreclosure filing during the month — 2.3 times the state average. Greenville County had the third highest foreclosure rate in the state, with one in every 921 households receiving a foreclosure filing in July.

 

State contributes less than 1 percent to nation’s foreclosure total in July

South Carolina accounted for less than 1 percent of the 272,171 properties with foreclosure filings reported nationwide in July. The national total represents more than a 7 percent increase from the previous month and is 55 percent ahead of the total reported for July 2007. The nation’s foreclosure rate increased to one in every 464 U.S. households receiving 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 – July 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X  HH (rate)

/National Average

/State Average

 

 

 

United States

55,601

55,042

57,145

27,088

77,295

272,171

464

n/a

n/a

South Carolina

0

176

12

329

816

1,333

1,482

0.31

n/a

 

 

 

 

 

 

 

 

 

Abbeville

0

0

0

0

0

0

 n/a

0.00

0.00

Aiken

0

0

0

2

21

23

2,915

0.16

0.51

Allendale

0

0

0

0

0

0

 n/a

0.00

0.00

Anderson

0

1

0

187

48

236

343

1.35

4.32

Bamberg

0

0

0

0

0

0

 n/a

0.00

0.00

Barnwell

0

0

0

1

0

1

10,278

0.05

0.14

Beaufort

0

0

1

1

45

47

1,664

0.28

0.89

Berkeley

0

0

0

3

42

45

1,409

0.33

1.05

Calhoun

0

0

0

0

0

0

 n/a

0.00

0.00

Charleston

0

0

0

62

47

109

1,515

0.31

0.98

Cherokee

0

0

0

0

1

1

23,147

0.02

0.06

Chester

0

0

0

0

0

0

 n/a

0.00

0.00

Chesterfield

0

0

0

0

0

0

 n/a

0.00

0.00

Clarendon

0

0

0

0

1

1

16,018

0.03

0.09

Colleton

0

0

0

0

11

11

1,719

0.27

0.86

Darlington

0

0

0

2

17

19

1,574

0.29

0.94

Dillon

0

0

0

0

0

0

 n/a

0.00

0.00

Dorchester

0

0

0

2

26

28

1,626

0.29

0.91

Edgefield

0

0

0

0

8

8

1,225

0.38

1.21

Fairfield

0

0

0

0

3

3

3,610

0.13

0.41

Florence

0

0

0

1

11

12

4,478

0.10

0.33

Georgetown

0

0

0

1

5

6

5,427

0.09

0.27

Greenville

0

45

2

32

119

198

921

0.50

1.61

Greenwood

0

0

0

1

0

1

29,798

0.02

0.05

Hampton

0

0

0

0

0

0

 n/a

0.00

0.00

Horry

0

0

4

2

54

60

2,640

0.18

0.56

Jasper

0

0

0

0

1

1

8,491

0.05

0.17

Kershaw

0

0

0

0

0

0

 n/a

0.00

0.00

Lancaster

0

0

1

0

15

16

1,685

0.28

0.88

Laurens

0

0

0

0

8

8

3,916

0.12

0.38

Lee

0

0

0

0

0

0

 n/a

0.00

0.00

Lexington

0

96

0

5

55

156

651

0.71

2.28

Marion

0

0

0

0

2

2

7,704

0.06

0.19

Marlboro

0

0

0

0

0

0

 n/a

0.00

0.00

McCormick

0

0

0

0

0

0

 n/a

0.00

0.00

Newberry

0

0

0

1

9

10

1,747

0.27

0.85

Oconee

0

0

0

0

8

8

4,539

0.10

0.33

Orangeburg

0

0

1

2

18

21

1,951

0.24

0.76

Pickens

0

0

0

15

26

41

1,228

0.38

1.21

Richland

0

5

2

4

68

79

1,897

0.24

0.78

Saluda

0

0

0

0

1

1

8,789

0.05

0.17

Spartanburg

0

29

0

3

69

101

1,176

0.39

1.26

Sumter

0

0

1

0

19

20

2,222

0.21

0.67

Union

0

0

0

0

1

1

13,526

0.03

0.11

Williamsburg

0

0

0

0

1

1

15,801

0.03

0.09

York

0

0

0

2

56

58

1,427

0.33

1.04

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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