South Carolina Foreclosure Activity Falls in August

Filings decrease 11 percent from July

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 3,389 South Carolina properties in August, an 11 percent decrease from the previous month, but a 37 percent increase from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

“Foreclosure activity dropped in South Carolina in August, though it remained well above the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “South Carolina’s high unemployment rate of 11 percent continues to be a major contributing factor to the state’s notable foreclosure pile up.”

 

The state reported the 19th highest state foreclosure rate, as one in every 607 South Carolina housing units received a foreclosure filing during the month.

 

Dorchester County leads the state in foreclosure rate for August

Dorchester County, where one in every 222 housing units received a foreclosure filing during the month, posted the top foreclosure rate in South Carolina. One in every 243 housing units received a foreclosure filing in Berkeley County, for the second highest rate in the state. Coming in third was Horry County, where one in every 367 housing units received a foreclosure filing in August. Fourth highest was York County, where one in every 412 housing units received a foreclosure filing. Pickens County came in fifth, with one in every 448 housing units receiving a foreclosure filing during the month.

 

Horry County posts top foreclosure total for August

Horry County led South Carolina in total foreclosure activity for August, reporting 471 properties with foreclosure filings. Greeneville County documented the second highest foreclosure activity, where 421 properties with foreclosure filings were reported. Charleston County came in third, tallying 310 properties with foreclosure filings. Fourth highest was Berkeley County, where 277 properties with foreclosure filings were reported. Spartanburg County came in fifth, reporting 259 properties with foreclosure filings for the month.

 

State a minor contributor to nation’s monthly foreclosure total

South Carolina accounted for 1 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 U.S. housing units received a foreclosure filing during the month.

 

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 – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

South Carolina

0

1,574

0

554

1,261

3,389

607

0.63

n/a

 

 

 

 

 

 

 

 

 

 

Dorchester

0

100

0

72

46

218

222

1.71

2.73

Berkeley

0

105

0

92

80

277

243

1.57

2.50

Horry

0

254

0

2

215

471

367

1.04

1.65

York

0

67

0

85

64

216

412

0.92

1.47

Pickens

0

62

0

3

50

115

448

0.85

1.36

 

 

South Carolina Top Foreclosure Totals by County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

South Carolina

0

1,574

0

554

1,261

3,389

607

-10.53

36.93

 

 

 

 

 

 

 

 

 

 

Horry

0

254

0

2

215

471

367

-3.68

222.60

Greenville

0

267

0

59

95

421

451

15.34

45.17

Charleston

0

158

0

33

119

310

557

-39.69

0.32

Berkeley

0

105

0

92

80

277

243

60.12

127.05

Spartanburg

0

196

0

2

61

259

472

135.45

254.79

 

 

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