SOUTH CAROLINA FORECLOSURE ACTIVITY UP 59 PERCENT IN FEBRUARY

Yearly Foreclosure Activity Up 103 Percent From February 2007

 

IRVINE, Calif. – March 26, 2008 – South Carolina reported 698 properties with foreclosure filings for February 2008, a 59 percent increase from the previous month, and a 103 percent increase from February 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 million properties from nearly 2,500 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 have increased more than five times since February of last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state currently has the fourth highest unemployment rate in the country. This is likely contributing to the overall rise.”

 

South Carolina ranked 31st in the country in total properties with foreclosure filings reported in February. One in every 2,762 South Carolina households received a foreclosure filing in February, ranking the state 37th among the 50 states.

 

Greenville County accounts for bulk of state activity

Greenville County reported 128 properties with foreclosure filings in South Carolina for February, the most of any county for the month. Richland County was second, reporting 113 properties with foreclosure filings for the month, followed by Charleston County with 57 properties with foreclosure filings. Horry County posted the fourth highest foreclosure total, reporting 47 properties with foreclosure filings, followed by Anderson County with 45 properties with foreclosure filings.

 

Edgefield County posts highest foreclosure rate

Edgefield County reported the highest foreclosure rate in the state for February, one in every 285 households receiving a foreclosure filing — twice the national average and 9.7 times the state average. Fairfield County posted the second highest foreclosure rate, one in every 978 households receiving a foreclosure filing — 2.8 times the state average. Dorchester County registered the third highest foreclosure rate, one in every 1,199 households receiving a foreclosure filing — 2.3 times the state average. Richland County posted the fourth highest foreclosure rate, one in every 1,291 households receiving a foreclosure filing — 2.1 times the state average.

 

State contributes less than 1 percent to nation’s monthly total

Total foreclosure filings in South Carolina accounted for less than 1 percent of the 223,651 properties with foreclosure filings reported nationwide in February. The national total represents a 4 percent decrease from the previous month, and is 60 percent above the total reported for February 2007. One in every 557 U.S. households received a foreclosure filing during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

South Carolina Foreclosure Market by County – February 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

50,813

53,319

20,132

52,879

46,508

223,651

557

n/a

n/a

South Carolina

0

14

57

51

576

698

2,762

0.20

n/a

 

 

 

 

 

 

 

 

 

 

Abbeville

0

0

1

1

0

2

5,940

0.09

0.46

Aiken

0

0

2

0

14

16

4,132

0.13

0.67

Allendale

0

0

0

0

0

0

 n/a

0.00

0.00

Anderson

0

0

2

1

42

45

1,763

0.32

1.57

Bamberg

0

0

0

0

0

0

 n/a

0.00

0.00

Barnwell

0

0

0

1

0

1

10,283

0.05

0.27

Beaufort

0

1

0

0

28

29

2,545

0.22

1.09

Berkeley

0

0

2

4

13

19

3,225

0.17

0.86

Calhoun

0

0

0

0

0

0

 n/a

0.00

0.00

Charleston

0

0

21

1

35

57

2,801

0.20

0.99

Cherokee

0

0

0

0

0

0

 n/a

0.00

0.00

Chester

0

1

0

1

0

2

7,374

0.08

0.37

Chesterfield

0

0

0

0

0

0

 n/a

0.00

0.00

Clarendon

0

0

0

0

0

0

 n/a

0.00

0.00

Colleton

0

0

0

0

5

5

3,763

0.15

0.73

Darlington

0

0

1

0

5

6

4,972

0.11

0.56

Dillon

0

0

0

0

0

0

 n/a

0.00

0.00

Dorchester

0

0

4

5

27

36

1,199

0.46

2.30

Edgefield

0

0

0

17

17

34

285

1.95

9.68

Fairfield

0

1

0

0

10

11

978

0.57

2.82

Florence

0

2

0

0

3

5

10,636

0.05

0.26

Georgetown

0

0

0

0

0

0

 n/a

0.00

0.00

Greenville

0

0

4

5

119

128

1,396

0.40

1.98

Greenwood

0

1

1

0

0

2

14,812

0.04

0.19

Hampton

0

0

0

0

0

0

 n/a

0.00

0.00

Horry

0

0

5

2

40

47

3,132

0.18

0.88

Jasper

0

0

0

0

4

4

2,082

0.27

1.33

Kershaw

0

1

0

0

0

1

24,606

0.02

0.11

Lancaster

0

0

2

0

4

6

4,442

0.13

0.62

Laurens

0

0

0

0

22

22

1,420

0.39

1.95

Lee

0

0

0

0

0

0

 n/a

0.00

0.00

Lexington

0

0

3

0

32

35

2,848

0.20

0.97

Marion

0

0

0

0

0

0

 n/a

0.00

0.00

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

0

1

17,389

0.03

0.16

Oconee

0

1

0

2

1

4

8,896

0.06

0.31

Orangeburg

0

0

0

0

19

19

2,149

0.26

1.28

Pickens

0

0

1

0

0

1

49,923

0.01

0.06

Richland

0

3

1

4

105

113

1,291

0.43

2.14

Saluda

0

0

0

0

0

0

 n/a

0.00

0.00

Spartanburg

0

1

3

3

8

15

7,786

0.07

0.35

Sumter

0

0

1

1

23

25

1,759

0.32

1.57

Union

0

2

0

1

0

3

4,510

0.12

0.61

Williamsburg

0

0

1

0

0

1

15,800

0.04

0.17

York

0

0

2

1

0

3

26,653

0.02

0.10

 

 

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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