SOUTH CAROLINA FORECLOSURES DOWN 15 PERCENT IN FEBRUARY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Declines 64 Percent From a Year Ago

 

IRVINE, Calif. – March 26, 2007 – South Carolina reported 344 foreclosure filings in February, a 15 percent decrease from the previous month, and a 64 percent decline from February 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 850,000 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 decreased both in February and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that home price appreciation throughout the state is well above that of the national average. This is most likely a contributing factor to the state’s overall decline in foreclosure numbers.”

 

South Carolina ranked 35th in the country in total foreclosures for February. The state’s foreclosure rate of one foreclosure filing for every 5,095 households ranks it 39th among the 50 states.

 

Five counties combine for more than half of state total

The combined total foreclosure filings for five counties accounted for 61 percent of all South Carolina foreclosure activity in February. Lexington County reported the highest county total with 69 foreclosure filings for the month. Charleston County came in second, reporting 56 foreclosure filings. Third highest total was Anderson County with 36 foreclosure filings. Spartanburg County reported 26 foreclosure filings, while Sumter County reported 24 foreclosure filings in the pipeline.

 

Lexington County reports highest foreclosure rate in state

Documenting one foreclosure filing for every 1,319 households — 3.9 times the state average — Lexington County tallied the state’s highest foreclosure rate for February. Second highest rate in the state was reported in Sumter County with one foreclosure filing for every 1,740 households — 2.9 times the state average. Anderson County reported the third highest rate with one foreclosure filing for every 2,034 households — 2.5 times the state average – followed by Charleston County with one foreclosure filing for every 2,518 households— twice the state average.

 

State contributes less than 1 percent to national total

Total foreclosure filings in South Carolina accounted for less than 1 percent of the 130,786 filings nationwide in February. The national total was down 4 percent from the previous month, but still up 12 percent from February 2006. The nation’s foreclosure rate increased slightly to one foreclosure filing for every 884 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. 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 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

29,662

47,127

9,404

22,479

22,114

130,786

884

n/a

n/a

South Carolina

33

92

0

0

219

344

5,095

0.17

n/a

 

 

 

 

 

 

 

 

 

 

Abbeville

0

0

0

0

0

0

n/a

0.00

0.00

Aiken

1

4

0

0

11

16

3,874

0.23

1.32

Anderson

1

2

0

0

33

36

2,034

0.43

2.51

Bamberg

0

0

0

0

0

0

 n/a

0.00

0.00

Barnwell

1

1

0

0

0

2

5,096

0.17

1.00

Beaufort

1

1

0

0

7

9

6,723

0.13

0.76

Berkeley

1

2

0

0

9

12

4,560

0.19

1.12

Calhoun

0

0

0

0

0

0

 n/a

0.00

0.00

Charleston

2

36

0

0

18

56

2,518

0.35

2.02

Cherokee

0

0

0

0

0

0

 n/a

0.00

0.00

Chester

0

0

0

0

0

0

 n/a

0.00

0.00

Clarendon

0

0

0

0

1

1

15,303

0.06

0.33

Colleton

2

2

0

0

1

5

3,626

0.24

1.41

Darlington

0

1

0

0

8

9

3,216

0.27

1.58

Dillon

0

0

0

0

0

0

 n/a

0.00

0.00

Dorchester

1

3

0

0

1

5

7,447

0.12

0.68

Edgefield

0

0

0

0

0

0

 n/a

0.00

0.00

Fairfield

0

0

0

0

0

0

 n/a

0.00

0.00

Florence

0

2

0

0

5

7

7,405

0.12

0.69

Georgetown

0

1

0

0

1

2

14,141

0.06

0.36

Greenville

4

6

0

0

3

13

12,523

0.07

0.41

Greenwood

0

0

0

0

0

0

 n/a

0.00

0.00

Hampton

0

1

0

0

0

1

8,582

0.10

0.59

Horry

0

1

0

0

1

2

61,043

0.01

0.08

Jasper

0

0

0

0

0

0

 n/a

0.00

0.00

Kershaw

0

0

0

0

0

0

 n/a

0.00

0.00

Lancaster

0

0

0

0

7

7

3,566

0.25

1.43

Laurens

0

1

0

0

0

1

30,239

0.03

0.17

Lee

0

0

0

0

0

0

 n/a

0.00

0.00

Lexington

6

6

0

0

57

69

1,319

0.67

3.86

Marion

0

1

0

0

0

1

15,143

0.06

0.34

Marlboro

0

1

0

0

0

1

11,894

0.07

0.43

Mccormick

0

0

0

0

0

0

 n/a

0.00

0.00

Newberry

0

0

0

0

0

0

 n/a

0.00

0.00

Oconee

3

0

0

0

3

6

5,397

0.16

0.94

Orangeburg

0

0

0

0

9

9

4,367

0.20

1.17

Pickens

0

0

0

0

4

4

11,500

0.08

0.44

Richland

5

9

0

0

0

14

9,200

0.10

0.55

Saluda

0

1

0

0

0

1

8,543

0.10

0.60

Spartanburg

3

5

0

0

18

26

4,115

0.21

1.24

Sumter

0

4

0

0

20

24

1,740

0.51

2.93

Union

0

0

0

0

0

0

 n/a

0.00

0.00

Williamsburg

0

0

0

0

0

0

 n/a

0.00

0.00

York

2

1

0

0

2

5

13,212

0.07

0.39

 

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 construction properties, 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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