South Carolina Foreclosure Activity Up in January

Statewide filings up 16 percent from December; Up 26 percent from a year ago

 

Foreclosure activity in South Carolina increased in January to 3,101 properties with foreclosure filings, a 16 percent increase from December 2009 and up 26 percent from January 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“South Carolina foreclosures were up in January,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which climbed 44 percent for the month. The state’s unemployment rate, which hit 12.6 percent in December, continues to remain among the nation’s highest, and home sales have not picked up as far as most states during the fourth quarter. These trends need to turn around before we start seeing significant declines in foreclosures here.”

 

South Carolina ranked 24th in the country in total foreclosures reported for the month. With one in every 663 housing units receiving a foreclosure filing, its foreclosure rate ranked 22nd among the 50 states.

 

Beaufort County posts top foreclosure rate in the state for January

Beaufort County posted the state’s highest county foreclosure rate in January, with one in every 230 housing units receiving a foreclosure filing — 2.9 times the state average. Charleston County was second, with one in every 287 housing units receiving a foreclosure filing — 2.3 times the state average. York County came in third highest, with one in every 385 housing units receiving a foreclosure filing — 1.7 times the state average. Berkeley County posted the fourth highest foreclosure rate, where one in every 428 housing units received a foreclosure filing during the month — 1.6 times the state average. Dorchester County posted the fifth highest foreclosure rate, where one in every 436 housing units received a foreclosure filing during the month — 1.5 times the state average.

 

Charleston County dominates state in total foreclosure filings for January

Charleston County led all counties, totaling 602 properties with foreclosure filings for the month. Greenville County was second highest, documenting 392 properties with foreclosure filings. Reporting 363 properties with foreclosure filings for the month, Beaufort County had the third highest foreclosure total. Richland County came in fourth highest, reporting 275 properties with foreclosure filings, followed by York County where 231 properties with foreclosure filings were reported.

 

State responsible for less than one percent of nation’s foreclosure total in January

South Carolina accounted for less than one percent of the 315,716 properties with foreclosure filings reported nationwide in January. Total U.S. activity declined nearly 10 percent from the previous month but was still 15 percent ahead of January 2009. One in every 409 U.S. housing units received a foreclosure filing during the month.

 

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: DefaultNotice 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 – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

n/a

n/a

South Carolina

0

1,216

0

857

1,028

3,101

663

0.62

n/a

 

 

 

 

 

 

 

 

 

 

Beaufort

0

128

0

135

100

363

230

1.76

2.89

Charleston

0

194

0

146

262

602

287

1.41

2.31

York

0

82

0

121

28

231

385

1.05

1.72

Berkeley

0

73

0

57

27

157

428

0.95

1.55

Dorchester

0

45

0

20

46

111

436

0.93

1.52

 

           

 

South Carolina Top Foreclosure Totals by County – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 09

% Chg Jan 09

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

-9.67

15.06

South Carolina

0

1,216

0

857

1,028

3,101

663

15.58

25.90

 

 

 

 

 

 

 

 

 

 

Charleston

0

194

0

146

262

602

287

49.38

16.89

Greenville

0

101

0

217

74

392

485

-13.85

-0.51

Beaufort

0

128

0

135

100

363

230

88.08

59.21

Richland

0

169

0

3

103

275

571

-19.21

127.27

York

0

82

0

121

28

231

385

19.69

32.76

 

 

 

 

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