South Carolina Foreclosure Activity Drops in February

Statewide foreclosure filings down 4 percent

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2,791 South Carolina properties in February, a 4 percent decrease in foreclosure activity from January and 10 percent below the level reported for February 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 747 South Carolina housing units received a foreclosure filing in February, the nation’s 17th highest foreclosure rate for the month.

 

Unemployment within the state, while still high enough to cause concern, recently fell to 10.5 percent.

 

Dorchester County posts state’s top foreclosure rate in February

Dorchester County posted the highest foreclosure rate of all South Carolina counties, with one in every 397 housing units receiving a foreclosure filing in February — 1.9 times the state average. Beaufort County had the second highest rate, with one in every 399 housing units receiving a foreclosure filing during the month — 1.9 times the state average. Berkeley County posted the third highest foreclosure rate in the state, with one in every 419 housing units receiving a foreclosure filing — 1.8 times the state average.

 

Greenville County records highest state foreclosure totals in February

Greenville County had the highest total, reporting 380 properties with a foreclosure filing. Charleston County reported 327 properties with foreclosure filings, the second highest foreclosure total in the state. Richland County came in third, reporting 246 properties with foreclosure filings. Spartanburg County was fourth, each tallying 215 properties with foreclosure filings. Fifth highest was Beaufort County, where 212 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure total in February

One percent of the 225,101 properties with foreclosure filings reported nationwide in February were located in South Carolina. Total U.S. activity decreased by nearly 14 percent from January, and was down 27 percent from the level reported in February 2010. One in every 577 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity dropped to a 36-month low in February as allegations of improper foreclosure processing continued to dog the mortgage servicing industry and disrupt court dockets,” said James J. Saccacio, chief executive officer of RealtyTrac. “While a small part of February’s decrease can be attributed to it being a short month and bad weather, the bottom line is that the industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures. We expect to see the numbers bounce back, but that will likely take several months. And monthly volume may never return to its peak in March 2010 of more than 367,000 properties receiving foreclosure filings.”

 

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 – February 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

32,184

30,981

79,195

18,098

64,643

225,101

577

n/a

n/a

South Carolina

0

1,633

0

630

528

2,791

747

0.77

n/a

 

 

 

 

 

 

 

 

 

 

Dorchester

0

63

0

23

38

124

397

1.46

1.88

Beaufort

0

59

0

99

54

212

399

1.45

1.87

Berkeley

0

86

0

21

57

164

419

1.38

1.78

Greenville

0

205

0

132

43

380

506

1.14

1.48

Charleston

0

135

0

135

57

327

535

1.08

1.39

 

 

South Carolina Top Foreclosure Totals by County – February 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 11

% Chg Feb 10

 

 

 

 

 

 

 

 

 

 

United States

32,184

30,981

79,195

18,098

64,643

225,101

577

-13.86

-27.04

South Carolina

0

1,633

0

630

528

2,791

747

-3.92

-10.37

 

 

 

 

 

 

 

 

 

 

Greenville

0

205

0

132

43

380

506

35.23

-32.86

Charleston

0

135

0

135

57

327

535

44.69

5.48

Richland

0

236

0

5

5

246

646

-41.71

-8.21

Spartanburg

0

159

0

35

21

215

574

72.00

72.00

Beaufort

0

59

0

99

54

212

399

-30.26

-19.70

 

 

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