SOUTH CAROLINA FORECLOSURE ACTIVITY UP 253 PERCENT IN 2008

More than 14,000 Properties Receive Foreclosure Filings in 2008

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 14,995 South Carolina properties in 2008, an increase of 253 percent from 2007 and an increase of 220 percent from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The report also shows that 0.76 percent of all South Carolina housing units received at least one foreclosure filing during the year, up from 0.22 percent in 2007.

 

South Carolina reported 1,813 properties with foreclosure filings in December, a 10 percent decrease from the previous month, but still a 252 percent increase over December 2007.

 

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.

 

“Foreclosure filings more than tripled in South Carolina between 2007 and 2008 as unemployment affected The Palmetto State across multiple sectors, hitting its manufacturing sectors particularly hard with multiple plant closings,” said James J. Saccacio, chief executive officer of RealtyTrac. “South Carolina’s unemployment rate jumped to 9.5 percent in December, the third highest in the nation, as laid off factory workers are finding it difficult to move into different types of jobs. Vanishing jobs could push more South Carolina homeowners into foreclosure.

 

Greenville County reports highest total of foreclosure filings

Greenville County led the state reporting 2,540 properties with foreclosure filings for the year. Charleston County came in second, reporting 1,716 properties with foreclosure filings. Richland County registered the third highest foreclosure total, reporting 1,305 properties with foreclosure filings. Lexington County posted the fourth highest foreclosure total, reporting 1,200 properties with foreclosure filings. Spartanburg County came in fifth, documenting 1,053 properties with foreclosure filings.

 

Dorchester County posts top foreclosure rate

Dorchester County topped the foreclosure rate list, with 1.93 percent of its housing units receiving at least one foreclosure filing during the year. Berkeley County came in second, with 1.43 percent of its housing units receiving at least one foreclosure filing. Greenville County posted the third highest foreclosure rate, where 1.39 percent of the housing stock received at least one foreclosure filing in 2008. Rounding out the state’s top five were Lexington County (1.18 percent) and Charleston County (1.04 percent).

 

State a minor contributor to nation’s foreclosure total for 2008

South Carolina accounted for 1 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

South Carolina

14,995

0.76

253.07

 

 

 

 

 

37

Abbeville

9

0.08

800.00

21

Aiken

276

0.41

84.00

32

Allendale

4

0.09

300.00

6

Anderson

740

0.91

68.56

44

Bamberg

2

0.03

100.00

35

Barnwell

8

0.08

166.67

10

Beaufort

681

0.87

298.25

2

Berkeley

906

1.43

321.40

34

Calhoun

6

0.08

200.00

5

Charleston

1,716

1.04

278.81

39

Cherokee

14

0.06

180.00

29

Chester

20

0.14

122.22

43

Chesterfield

6

0.03

50.00

45

Clarendon

2

0.01

-66.67

18

Colleton

94

0.50

95.83

25

Darlington

105

0.35

32.91

41

Dillon

7

0.05

0.00

1

Dorchester

879

1.93

439.26

13

Edgefield

67

0.68

235.00

12

Fairfield

79

0.73

2,533.33

23

Florence

199

0.37

172.60

27

Georgetown

58

0.18

56.76

3

Greenville

2,540

1.39

1,202.56

36

Greenwood

23

0.08

130.00

46

Hampton

1

0.01

-87.50

20

Horry

713

0.45

489.26

24

Jasper

30

0.35

900.00

22

Kershaw

101

0.40

1,022.22

17

Lancaster

139

0.52

36.27

19

Laurens

155

0.49

868.75

30

Lee

8

0.10

0.00

4

Lexington

1,200

1.18

140.48

33

Marion

13

0.08

116.67

42

Marlboro

5

0.04

66.67

38

McCormick

3

0.06

50.00

15

Newberry

110

0.63

1,275.00

26

Oconee

118

0.32

140.82

16

Orangeburg

231

0.56

51.97

11

Pickens

405

0.80

710.00

9

Richland

1,305

0.87

191.95

28

Saluda

13

0.15

225.00

8

Spartanburg

1,053

0.89

189.29

7

Sumter

395

0.89

74.78

31

Union

13

0.10

225.00

40

Williamsburg

9

0.06

50.00

14

York

534

0.65

721.54

 

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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