South Carolina Foreclosure Activity Increased in Third Quarter

Total foreclosure filings up 32 percent statewide from the second quarter

Auction notices, defaults and REOs up for the quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 10,550 South Carolina properties during the third quarter, a 13 percent increase from the previous quarter and up 40 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, South Carolina ranked 20th in the nation with 4,043 properties with foreclosure filings, a 19 percent increase from the previous month and 25 percent above the level reported for the same month last year. One in every 509 South Carolina housing units received a foreclosure filing in September, ranking the 15th highest foreclosure rate among the 50 states.

 

South Carolina foreclosures were up during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which climbed 25 percent during the quarter. The state’s unemployment rate continued to rise well above the national average,   and home values fell further than most states earlier this year. These factors are likely driving the overall rise.”

South Carolina ranked 23rd in the nation in total foreclosures reported for the quarter. Its foreclosure rate of one in every 195 housing units receiving a foreclosure filing during the quarter, ranked it 16th among the 50 states.

Dorchester County led state with top foreclosure rate in third quarter

Dorchester County posted the highest foreclosure rate in South Carolina during the third quarter of 2010, where one in every 70 housing units received a foreclosure filing — 2.8 times the state average. Beaufort County posted the second highest foreclosure rate, where one in every 95 housing units received a foreclosure filing during the period — twice the state average. Berkeley County documented the third highest foreclosure rate, where one in every 103 housing units received a foreclosure filing — 1.9 times the state average.

 

Horry County posts state’s top foreclosure total for third quarter

Horry County dominated, reporting 1,460 properties with foreclosure filings for the quarter. Charleston County was second, reporting 1,206 properties with foreclosure filings. Greenville County was third, tallying 1,115 properties with foreclosure filings. Beaufort County was fourth highest, reporting 876 properties with foreclosure filings. Richland County came in last for the state’s top five, reporting 780 properties with foreclosure filings for the quarter.

 

State contributes less than 1 percent to nation’s foreclosure total for the quarter

Less than 1 percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in South Carolina. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

South Carolina

0

4,669

0

1,579

4,302

10,550

195

1

n/a

 

 

 

 

 

 

 

 

 

 

Dorchester

0

336

0

168

187

691

70

1.98

2.78

Beaufort

0

207

0

248

421

876

95

1.46

2.05

Berkeley

0

246

0

146

264

656

103

1.35

1.90

Horry

0

565

0

2

893

1,460

118

1.17

1.65

Charleston

0

528

0

286

392

1,206

143

0.97

1.36

 

 

South Carolina Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

South Carolina

0

4,669

0

1,579

4,302

10,550

195

12.67

39.81

 

 

 

 

 

 

 

 

 

 

Horry

0

565

0

2

893

1,460

118

84.11

107.68

Charleston

0

528

0

286

392

1,206

143

-2.82

28.71

Greenville

0

561

0

172

382

1,115

170

-11.44

-6.85

Beaufort

0

207

0

248

421

876

95

16.80

17.27

Richland

0

458

0

17

305

780

201

-0.64

-8.34

 

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved