South Carolina Foreclosure Activity Falls in October

Foreclosure filings down 24 percent from September

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 3,068 South Carolina properties in October, a 24 percent decrease from the previous month, but still up 6 percent from the level reported in October 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity fell significantly in South Carolina in October, though it remained above the level reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “While unemployment remains high within the state, the recent ‘robo-signing’ controversy has led to many lenders having to halt foreclosure proceedings until their processes could be reviewed. Considering the fall-out caused by that, South Carolina and many other states will likely see additional months of declining foreclosure activity.”

 

One in every 670 South Carolina housing units received a foreclosure filing in October, the 23rd highest foreclosure rate in the nation.

 

Dorchester County posts state’s top foreclosure rate for October

Dorchester County posted the highest county foreclosure rate in South Carolina for the month, with one in every 303 housing units receiving a foreclosure filing during October — 2.2 times the state average. Beaufort County registered the second highest foreclosure rate, with one in every 310 housing units receiving a foreclosure filing during the month — 2.2 times the state average. Berkeley County was third highest, with one in every 347 housing units receiving a foreclosure filing — 1.9 times the state average.

 

Greenville County led the state in foreclosure activity in October

Greenville County had the top foreclosure total, reporting 416 properties with foreclosure filings for the month. Horry County tallied the second highest foreclosure level in the state, reporting 414 properties with foreclosure filings. Third highest total was in Charleston County, where 313 properties with foreclosure filings were reported. Fourth highest was Beaufort County, where 269 properties with foreclosure filings were reported. Richland County was in fifth, tallying 237 properties with foreclosure filings. 

 

State a minor contributor to nation’s monthly foreclosure total

South Carolina accounted for 1 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 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 – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

South Carolina

0

1,677

0

501

890

3,068

670

0.58

n/a

 

 

 

 

 

 

 

 

 

 

Dorchester

0

55

0

60

45

160

303

1.28

2.21

Beaufort

0

142

0

79

48

269

310

1.25

2.16

Berkeley

0

82

0

54

58

194

347

1.12

1.93

Horry

0

170

0

1

243

414

417

0.93

1.61

Greenville

0

275

0

81

60

416

457

0.85

1.47

 

 

South Carolina Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

South Carolina

0

1,677

0

501

890

3,068

670

-24.12

6.20

 

 

 

 

 

 

 

 

 

 

Greenville

0

275

0

81

60

416

457

9.47

-11.30

Horry

0

170

0

1

243

414

417

-22.47

42.27

Charleston

0

243

0

36

34

313

552

-35.86

-20.96

Beaufort

0

142

0

79

48

269

310

-28.07

1.51

Richland

0

142

0

3

92

237

662

-24.04

-5.58

 

 

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