South Carolina Foreclosure Activity Down in 2011

Filings down 9 percent from 2010; up 19 percent from 2009

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 29,931 South Carolina properties in 2011, down 9 percent from a year ago, but still 19 percent above the level reported in 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

The state posted the 13th highest foreclosure rate in the nation, with one in every 70 South Carolina housing units receiving a foreclosure filing in 2011.

Foreclosure filings were reported on 3,472 South Carolina properties in December, a 14 percent decrease from November, but up 15 percent from December 2010. One in every 600 South Carolina housing units received a foreclosure filing in December, the 11th highest state foreclosure rate in the nation.

Dorchester County has top foreclosure rate honors in 2011
 One in every 38 housing units in Dorchester County received a foreclosure filing during 2011 — 1.8 times the national average and 1.8 times the state average. Beaufort County had the second highest rate with one in every 40 housing units reporting a foreclosure filing — 1.7 times the national average and 1.8 times the state average. Berkley County had the third highest rate, reporting one in every 47 housing units with a foreclosure filing — 1.5 times the national average and 1.5 times the state average.

Horry County leads the state in foreclosure activity for 2011
 Horry County led the way, reporting 3,642 properties with foreclosure filings during 2011. Richland County was second highest in the state, reporting 3,251 properties with foreclosure filings. Third highest total was tallied in Greenville County, where 3,149 properties with foreclosure filings were reported. Reporting 3,097 properties with foreclosure filings for the year, Charleston County registered the fourth highest total in the state. Fifth highest was Beaufort County, where 2,137 properties with foreclosure filings were reported for 2011.

State a moderate contributor to nation’s foreclosure total in 2011
 South Carolina accounted for 2 percent of the 1,887,777 properties with foreclosure filings reported nationwide for 2011. Total U.S. activity was down 34 percent from 2010 and was down 33 percent from the level reported for 2009. One in every 69 U.S. housing units received a foreclosure filing during the year.

“Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year,” said Brandon Moore, chief executive officer of RealtyTrac. “The lack of clarity regarding many of the documentation and legal issues plaguing the foreclosure industry means that we are continuing to see a highly dysfunctional foreclosure process that is inefficiently dealing with delinquent mortgages — particularly in states with a judicial foreclosure process.

“There were strong signs in the second half of 2011 that lenders are finally beginning to push through some of the delayed foreclosures in select local markets. We expect that trend to continue this year, boosting foreclosure activity for 2012 higher than it was in 2011, though still below the peak of 2010.”

South Carolina Top Foreclosure Rates ByCounty – 2011

County

Total

% Housing Units

1/every X HU (rate)

/National Avg.

/State Avg.

 

 

 

 

 

 

United States

1,887,777

1.45

69

n/a

n/a

South Carolina

29,931

1.44

70

0.99

n/a

 

 

 

 

 

 

Dorchester

1,288

2.62

38

1.81

1.83

Beaufort

2,137

2.53

40

1.74

1.77

Berkeley

1,457

2.12

47

1.46

1.48

Horry

3,642

2.08

48

1.43

1.45

Richland

3,251

2.05

49

1.41

1.43

 South Carolina Top Foreclosure Totals ByCounty – 2011

County

Total

% Housing Units

1/every X HU (rate)

% Chg 2010

% Chg 2009

 

 

 

 

 

 

United States

1,887,777

1.45

69

-34.27

-33.17

South Carolina

29,931

1.44

70

-9.47

18.95

 

 

 

 

 

 

Horry

3,642

2.08

48

-6.52

34.54

Richland

3,251

2.05

49

20.05

21.13

Greenville

3,149

1.64

61

-19.89

-15.05

Charleston

3,097

1.77

57

-23.49

-9.15

Beaufort

2,137

2.53

40

-17.43

0.2

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