South Carolina Foreclosure Activity Up 68 Percent in 2009

Activity up 492 percent from 2007 and 21 percent from November

 

South Carolina ended 2009 tallying 25,163 properties with foreclosure filings, a 68 percent increase from the total reported for 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The yearly total is 492 percent higher than the level reported for all of 2007.

 

South Carolina reported 2,683 properties with foreclosure filings, a 21 percent increase over the previous month, and up 48 percent from December 2008. The state’s foreclosure rate — one in every 754 housing units received a foreclosure filing — was 29th highest in the nation for the month.

 

“South Carolina continued to report an upswing in foreclosure activity in December, ending 2009 with substantially more filings than were reported in 2008 and nearly six times the reported 2007 filings,” said James J. Saccacio, chief executive officer of RealtyTrac. “With unemployment now at 12.9 percent amid predictions that rate could hit 14 percent in the coming months, it seems another wave of foreclosure filings can only be expected.”

 

With one in every 80 housing units receiving a foreclosure filing, South Carolina’s foreclosure rate ranked 25th highest in the nation for the year.

 

Dorchester County posts state’s highest foreclosure rate for 2009

Dorchester County posted the highest county foreclosure rate in South Carolina for the year, with one in every 32 housing units receiving a foreclosure filing in 2009. Beaufort County followed in second, reporting one in every 38 housing units receiving a foreclosure filing. Charleston County came in third highest, reporting one in every 50 housing units receiving a foreclosure filing. Greenville County was fourth highest also with one in every 50 housing units receiving a foreclosure filing. Berkeley County had the fifth highest rate, also with one in every 50 housing units receiving a foreclosure filing.

 

Greeneville County leads state in foreclosure activity in 2009

Leading the way was Greeneville County, which reported a total 3,707 properties with foreclosure filings for the year. Charleston County came in second, documenting 3,409 properties with foreclosure filings. Horry County had the third highest total in the state, reporting 2,707 properties with foreclosure filings for the year. Richland County was fourth highest, reporting 2,684 properties with foreclosure filings, followed by Beaufort County in fifth place, tallying 2,131 properties with foreclosure filings for all of 2009.

 

State a minor contributor to nation’s foreclosure total in 2009

South Carolina accounted for 1 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 Top Foreclosure Rates By County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

South Carolina

25,163

1.24

80

67.81

492.49

 

 

 

 

 

 

Dorchester

1,485

3.14

32

68.94

811.04

Beaufort

2,131

2.62

38

212.92

1,146.20

Charleston

3,409

2.01

50

98.66

652.54

Greenville

3,707

1.99

50

45.94

1,801.03

Berkeley

1,304

1.99

50

43.93

506.51

 

 

South Carolina Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

South Carolina

25,163

1.24

80

67.81

492.49

 

 

 

 

 

 

Greenville

3,707

1.99

50

45.94

1,801.03

Charleston

3,409

2.01

50

98.66

652.54

Horry

2,707

1.61

62

279.66

2,137.19

Richland

2,684

1.75

57

105.67

500.45

Beaufort

2,131

2.62

38

212.92

1,146.20

 

 

South Carolina Top Foreclosure Rates By County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

South Carolina

0

1,185

0

596

902

2,683

754

0.49

n/a

 

 

 

 

 

 

 

 

 

 

Greenville

0

178

0

146

131

455

409

0.89

1.84

Charleston

0

121

0

179

103

403

421

0.87

1.79

Beaufort

0

23

0

110

60

193

422

0.87

1.79

Dorchester

0

62

0

2

46

110

430

0.85

1.75

Lexington

0

179

0

0

57

236

442

0.83

1.71

 

 

South Carolina Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

South Carolina

0

1,185

0

596

902

2,683

754

20.91

47.99

 

 

 

 

 

 

 

 

 

 

Greenville

0

178

0

146

131

455

26

79.13

-22.88

Charleston

0

121

0

179

103

403

169

9.21

183.80

Richland

0

241

0

6

93

340

14

36.00

423.08

Lexington

0

179

0

0

57

236

349

51.28

594.12

Horry

0

174

0

1

43

218

33

63.91

1,111.11

 

 

 

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