South Carolina Foreclosure Activity Down in First Quarter

Foreclosure filings slide 14 percent from Q4 2010, drop 12 percent from a year ago

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 8,225 South Carolina properties during the first quarter of 2011, down 14 percent from the fourth quarter of 2010 and 12 percent below the level reported for the same quarter last year, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Foreclosure filings were reported on 2,917 South Carolina properties in March, a 5 percent increase from February but down 23 percent from March 2010. One in every 2,917 South Carolina housing units received a foreclosure filing in March, the 14th highest state foreclosure rate in the nation for the month. South Carolina ranked 21st in the nation in total foreclosures reported for the first quarter of 2011. Its foreclosure rate of one in 253 housing units receiving a foreclosure filing during the quarter, ranked it 17th among the 50 states.

 

Beaufort County takes top foreclosure rate honors in the first quarter

Beaufort County posted the highest foreclosure rate in South Carolina during the first quarter of 2011, with one in every 120 housing units receiving a foreclosure filing — 2.1 times the state average. Dorchester County reported the second highest foreclosure rate, with 133 properties with a foreclosure filing — 1.9 times the state average. One in every 133 housing units in Berkeley County received a foreclosure filing, the third highest foreclosure rate in the state for the quarter — 1.9 times the state average.

 

Richland County led the state in foreclosure activity for first quarter

Richland County led the way, reporting 981 properties with foreclosure filings during the quarter. Greenville County was second highest in the state, reporting 964 properties with foreclosure filings. Third highest total was tallied in Charleston County, where 874 properties with foreclosure filings were reported. Reporting 751 properties with foreclosure filings for the quarter, Horry County registered the fourth highest total in the state. Fifth highest was Beaufort County, where 703 properties with foreclosure filings were reported for the quarter.

 

State contributes 1 percent to nation’s foreclosure total in the first quarter

South Carolina accounted for 1 percent of the 681,153 properties with foreclosure filings reported nationwide for the first quarter of 2011. Total U.S. activity decreased almost 15 percent from the fourth quarter of 2010, and was down 27 percent from the level reported for the same quarter in 2010. One in every 191 U.S. housing units received a foreclosure filing during the quarter.

 

“The nation’s housing market continued to languish in the first quarter, even as foreclosure activity fell to a three-year low,” said James J. Saccacio, chief executive officer of RealtyTrac. “Weak demand, declining home prices and the lack of credit availability are weighing heavily on the market, which is still facing the dual threat of a looming shadow inventory of distressed properties and the probability that foreclosure activity will begin to increase again as lenders and servicers gradually work their way through the backlog of thousands of foreclosures that have been delayed due to improperly processed paperwork.”

 

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: 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 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 – Q1 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

n/a

n/a

South Carolina

0

4,761

0

1,390

2,074

8,225

253

0.75

n/a

 

 

 

 

 

 

 

 

 

 

Beaufort

0

296

0

198

209

703

120

1.59

2.11

Dorchester

0

205

0

59

107

371

133

1.44

1.91

Berkeley

0

271

0

50

196

517

133

1.43

1.90

Richland

0

748

0

19

214

981

162

1.18

1.56

Lexington

0

439

0

37

69

545

199

0.96

1.28

 

 

South Carolina Top Foreclosure Totals by County – Q1 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 10

% Chg Q1 10

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

-14.76

-26.93

South Carolina

0

4,761

0

1,390

2,074

8,225

253

-14.05

-12.36

 

 

 

 

 

 

 

 

 

 

Richland

0

748

0

19

214

981

162

48.64

12.11

Greenville

0

558

0

300

106

964

199

-21.56

-33.52

Charleston

0

348

0

179

347

874

200

-24.78

-32.35

Horry

0

469

0

84

198

751

234

-33.95

14.66

Beaufort

0

296

0

198

209

703

120

2.63

-18.82

 

 

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