South Carolina Foreclosures Fall in October

Statewide filings down 11 percent from September

 

South Carolina reported 2,889 properties with foreclosure filings, down 11 percent from the previous month, but still 42 percent above the level reported in October 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“South Carolina welcomed a significant drop in foreclosure filings in October, though the level of activity remained well above what was reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “With predictions that the state’s unemployment rate could hit 14 percent, it seems a new wave of foreclosure filings can be expected toward the end of the year.”

 

One in every 700 South Carolina housing units received a foreclosure filing in October, the 26th highest foreclosure rate in the nation.

 

Dorchester County posts state’s top foreclosure rate in October

Dorchester County posted the highest county foreclosure rate in South Carolina for October, with one in every 178 housing units receiving a foreclosure filing — 3.9 times the state average. Beaufort County ranked second, reporting one in every 307 housing units receiving a foreclosure filing — 2.3 times the state average. Berkeley County had the third highest foreclosure rate, with one in every 321 housing units receiving a foreclosure filing — 2.2 times the state average. Greenville County posted the fourth highest foreclosure rate, where one in every 397 housing units received a foreclosure filing during the month — 1.8 times the state average.

 

Greenville County tops state in foreclosure totals during October

Greenville County led all counties, totaling 469 properties with foreclosure filings for the month. Charleston County was second highest, documenting 396 properties with foreclosure filings. Horry County posted the third highest total in South Carolina, reporting 291 properties with foreclosure filings for October. Dorchester County came in fourth, reporting 266 properties with foreclosure filings, while the fifth highest total was in Beaufort County, where 266 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure activity in October

South Carolina accounted for less than 1 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 U.S. housing units received 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 Top Foreclosure Rates By County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

South Carolina

0

1,484

0

601

804

2,889

700

0.55

n/a

 

 

 

 

 

 

 

 

 

 

Dorchester

0

128

0

99

39

266

178

2.16

3.93

Beaufort

0

144

0

47

74

265

307

1.25

2.28

Berkeley

0

81

0

77

46

204

321

1.20

2.18

Greenville

0

253

0

132

84

469

397

0.97

1.76

Charleston

0

147

0

156

93

396

428

0.90

1.63

 

 

South Carolina Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

South Carolina

0

1,484

0

601

804

2,889

700

-10.58

42.25

 

 

 

 

 

 

 

 

 

 

Greenville

0

253

0

132

84

469

397

-17.72

37.54

Charleston

0

147

0

156

93

396

428

-15.57

25.32

Horry

0

253

0

0

38

291

578

-9.91

506.25

Dorchester

0

128

0

99

39

266

178

137.50

52.87

Beaufort

0

144

0

47

74

265

307

-0.75

301.52

 

 

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