SOUTH CAROLINA FORECLOSURE ACTIVITY UP 59 PERCENT IN SEPTEMBER

Foreclosure Activity Increases 406 Percent From September 2007

 

IRVINE, Calif. – Oct. 27, 2008 – South Carolina reported 2,202 properties with foreclosure filings in September, a 59 percent increase from the previous month and 406 percent ahead of the level reported for September 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 significantly in September 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 five unemployment rates in the country. This, in addition to the overall decline in the housing market, is likely to blame for the rise.”

 

South Carolina ranked 22nd in the country in total foreclosures reported for the month. With one in every 897 households receiving a foreclosure filing, its foreclosure rate ranked 22nd among the 50 states.

 

Five counties dominate state’s foreclosure activity for September

Five South Carolina counties accounted for 70 percent of all foreclosure activity in South Carolina for September. Charleston County reported 562 properties with foreclosure filings for the month. Berkeley County documented the state’s second highest total, reporting 332 properties with foreclosure filings. Third highest was Dorchester County, reporting 328 properties with foreclosure filings. Spartanburg County came in fourth place, documenting 183 properties with foreclosure filings, followed by Greenville County with 127 properties with foreclosure filings.

 

Dorchester County posts top foreclosure rate for September

Dorchester County tallied the highest county foreclosure rate in South Carolina in September, with one in every 139 households receiving a foreclosure filing for the month — 6.5 times the state average and 3.4 times the national average. Berkeley County posted the state’s second highest rate, with one in every 191 households receiving a foreclosure filing during the month — 4.7 times the state average and 2.5 times the national average. Charleston County posted the third highest rate, where one in every 294 households received a foreclosure filing in September — 3.1 times the state average and 1.6 times the national average.

 

State accounts for 1 percent of nation’s foreclosure total in September

South Carolina accounted for 1 percent of the 265,968 properties with foreclosure filings reported nationwide in September. The national total represents a decrease of more than 12 percent from the previous month but is still 21 percent ahead of the total reported for September 2007. The nation’s foreclosure rate decreased to one in every 475 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 – September 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

39,828

58,606

61,442

24,780

81,312

265,968

475

n/a

n/a

South Carolina

0

889

5

488

820

2,202

897

0.53

n/a

 

 

 

 

 

 

 

 

 

 

Abbeville

0

0

0

1

0

1

11,903

0.04

0.08

Aiken

0

1

0

1

29

31

2,163

0.22

0.41

Allendale

0

0

0

1

1

2

2,314

0.21

0.39

Anderson

0

2

0

3

41

46

1,761

0.27

0.51

Bamberg

0

0

0

0

0

0

 n/a

0.00

0.00

Barnwell

0

0

0

0

0

0

 n/a

0.00

0.00

Beaufort

0

7

0

35

54

96

815

0.58

1.10

Berkeley

0

248

0

29

55

332

191

2.49

4.70

Calhoun

0

0

0

0

0

0

 n/a

0.00

0.00

Charleston

0

403

0

68

91

562

294

1.62

3.05

Cherokee

0

0

0

0

2

2

11,574

0.04

0.08

Chester

0

0

0

1

1

2

7,387

0.06

0.12

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

1

0

1

10

12

1,576

0.30

0.57

Darlington

0

1

0

0

11

12

2,492

0.19

0.36

Dillon

0

0

0

0

0

0

 n/a

0.00

0.00

Dorchester

0

201

0

75

52

328

139

3.42

6.46

Edgefield

0

0

0

0

0

0

 n/a

0.00

0.00

Fairfield

0

0

0

19

3

22

492

0.96

1.82

Florence

0

0

1

2

39

42

1,279

0.37

0.70

Georgetown

0

0

0

0

4

4

8,141

0.06

0.11

Greenville

0

1

0

16

110

127

1,435

0.33

0.63

Greenwood

0

0

0

1

1

2

14,899

0.03

0.06

Hampton

0

0

0

0

0

0

 n/a

0.00

0.00

Horry

0

4

1

73

8

86

1,842

0.26

0.49

Jasper

0

0

0

0

1

1

8,491

0.06

0.11

Kershaw

0

0

1

33

0

34

739

0.64

1.21

Lancaster

0

0

0

2

14

16

1,685

0.28

0.53

Laurens

0

0

0

0

13

13

2,410

0.20

0.37

Lee

0

1

0

0

1

2

3,961

0.12

0.23

Lexington

0

1

1

4

33

39

2,605

0.18

0.34

Marion

0

1

0

1

0

2

7,704

0.06

0.12

Marlboro

0

1

0

0

0

1

11,981

0.04

0.07

McCormick

0

0

0

0

0

0

 n/a

0.00

0.00

Newberry

0

0

0

0

7

7

2,495

0.19

0.36

Oconee

0

1

0

0

9

10

3,631

0.13

0.25

Orangeburg

0

2

0

0

3

5

8,193

0.06

0.11

Pickens

0

0

0

2

27

29

1,737

0.27

0.52

Richland

0

8

0

5

39

52

2,881

0.16

0.31

Saluda

0

1

0

3

1

5

1,758

0.27

0.51

Spartanburg

0

3

0

105

75

183

649

0.73

1.38

Sumter

0

1

0

1

28

30

1,482

0.32

0.61

Union

0

0

0

0

0

0

 n/a

0.00

0.00

Williamsburg

0

0

0

1

0

1

15,801

0.03

0.06

York

0

0

1

5

57

63

1,314

0.36

0.68

 

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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