SOUTH CAROLINA FORECLOSURES INCREASE 26 PERCENT IN MAY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Down 32 Percent From a Year Earlier

 

IRVINE, Calif. – June 15, 2007 – South Carolina reported 367 foreclosure filings in May, a 26 percent increase in activity from the previous month, and a 32 percent decrease from May 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 900,000 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.

 

“Job growth across South Carolina remains strong, especially within its services and construction sectors,” said James J. Saccacio, chief executive officer of RealtyTrac. “Despite this growth and the fact that demand for real estate loans remains high, the state is seeing an increase in foreclosure activity compared to one month earlier.”

 

South Carolina ranked 36th in the country in total foreclosures reported for May. The state posted the 44th highest foreclosure rate in the country for the month — one foreclosure filing for every 4,776 households.

 

Charleston County leads state in foreclosure activity

Charleston County documented the highest foreclosure total in May, reporting 62 foreclosure filings for the month. Lexington County documented the second highest foreclosure total, reporting 42 foreclosure filings. Spartanburg County documented the third highest foreclosure total, with 35 foreclosure filings.

 

Fairfield County leads state in foreclosure rate for the month

Fairfield County posted the highest foreclosure rate in the state for May — one foreclosure filing for every 2,077 households — 2.3 times the state average. Berkeley County tallied the state’s second highest foreclosure rate — one foreclosure filing for every 2,105 households — 2.3 times the state average. Lexington County posted the third highest foreclosure rate, with one foreclosure filing for every 2,166 households — 2.2 times the state.

 

State makes small contribution to national total for May

Total foreclosure filings in South Carolina accounted for less than 1 percent of the 176,137 foreclosure filings nationwide in May. The national total was up 19 percent from the previous month, and up 90 percent from May 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 656 U.S. 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 – May 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

55,615

56,481

9,760

25,733

28,548

176,137

656

n/a

n/a

South Carolina

45

95

0

0

227

367

4,776

0.14

n/a

 

 

 

 

 

 

 

 

 

 

Abbeville

0

0

0

0

0

0

n/a

0.00

0.00

Aiken

1

0

0

0

16

17

3,646

0.18

1.31

Anderson

1

2

0

0

25

28

2,615

0.25

1.83

Barnwell

0

0

0

0

0

0

n/a

0.00

0.00

Beaufort

3

1

0

0

14

18

3,362

0.20

1.42

Berkeley

2

2

0

0

22

26

2,105

0.31

2.27

Calhoun

0

1

0

0

0

1

6,864

0.10

0.70

Charleston

2

38

0

0

22

62

2,275

0.29

2.10

Cherokee

1

0

0

0

0

1

22,400

0.03

0.21

Chester

0

1

0

0

0

1

14,374

0.05

0.33

Chesterfield

0

1

0

0

0

1

18,818

0.03

0.25

Clarendon

0

1

0

0

0

1

15,303

0.04

0.31

Colleton

0

0

0

0

0

0

n/a

0.00

0.00

Darlington

2

1

0

0

2

5

5,788

0.11

0.83

Dillon

0

0

0

0

0

0

n/a

0.00

0.00

Dorchester

2

1

0

0

9

12

3,103

0.21

1.54

Edgefield

0

0

0

0

0

0

n/a

0.00

0.00

Fairfield

1

0

0

0

4

5

2,077

0.32

2.30

Florence

2

5

0

0

1

8

6,480

0.10

0.74

Georgetown

0

1

0

0

3

4

7,071

0.09

0.68

Greenville

5

8

0

0

4

17

9,577

0.07

0.50

Greenwood

0

0

0

0

0

0

n/a

0.00

0.00

Hampton

0

0

0

0

0

0

n/a

0.00

0.00

Horry

3

4

0

0

2

9

13,565

0.05

0.35

Jasper

0

1

0

0

0

1

7,928

0.08

0.60

Kershaw

1

0

0

0

0

1

22,683

0.03

0.21

Lancaster

0

2

0

0

7

9

2,774

0.24

1.72

Laurens

1

0

0

0

0

1

30,239

0.02

0.16

Lee

0

1

0

0

0

1

7,670

0.09

0.62

Lexington

1

3

0

0

38

42

2,166

0.30

2.20

Marion

0

2

0

0

0

2

7,572

0.09

0.63

Marlboro

0

0

0

0

0

0

n/a

0.00

0.00

McCormick

0

0

0

0

0

0

n/a

0.00

0.00

Newberry

0

2

0

0

0

2

8,403

0.08

0.57

Oconee

0

0

0

0

6

6

5,397

0.12

0.88

Orangeburg

1

0

0

0

7

8

4,913

0.13

0.97

Pickens

3

2

0

0

2

7

6,571

0.10

0.73

Richland

4

4

0

0

2

10

12,979

0.05

0.37

Saluda

0

0

0

0

0

0

n/a

0.00

0.00

Spartanburg

3

4

0

0

28

35

3,057

0.21

1.56

Sumter

2

2

0

0

13

17

2,456

0.27

1.94

Union

0

1

0

0

0

1

13,351

0.05

0.36

Williamsburg

1

2

0

0

0

3

5,184

0.13

0.92

York

3

2

0

0

0

5

13,212

0.05

0.36

 

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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