South Carolina Foreclosures Rise in November

Foreclosure filings up 26 percent from October

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 3,876 South Carolina properties in November, up 26 percent from the previous month and a 75 percent rise from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

South Carolina foreclosures were up in November,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which climbed 81 percent for the month. The state’s unemployment rate is still nearly one1 percent above the national average, and its home vales and sales declined further than most states during the past year. These trends need to turn around before we see foreclosures really start to come down here.”

South Carolina ranked 18th in the nation in total foreclosures reported in November. Its foreclosure rate of one in every 530 housing units receiving a foreclosure filing during the month, ranked it 12th among the 50 states.

Berkeley County achieves top foreclosure rate honors in November

Berkeley County posted the highest foreclosure rate in South Carolina for November, with one in every 141 housing units receiving a foreclosure filing — 3.5 times the national average and 3.8 times the state average. Dorchester County reported the second highest foreclosure rate, with one in every 260 housing units receiving a foreclosure filing for the month — 1.9 times the national average and twice the state average. Charleston County came in third, with one in every 325 housing units receiving a foreclosure filing — 1.5 times the national average and 1.6 times the state average.

 

Greenville County dominates state foreclosure activity in November

Foreclosure activity was heaviest in Greenville County, which reported 533 properties with foreclosure filings for the month. Charleston County tallied the second highest foreclosure level, reporting 531 properties with foreclosure filings. Third highest total was in Berkeley County, where 477 properties with foreclosure filings were reported. Fourth highest was Horry County, where 384 properties with foreclosure filings were reported. Spartanburg County filled out the top five for the month, reporting 275 properties with foreclosure filings.

 

State contributes 1 percent to nation’s foreclosure total

South Carolina accounted for 1 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

South Carolina

0

1,726

0

543

1,607

3,876

530

0.93

n/a

 

 

 

 

 

 

 

 

 

 

Berkeley

0

122

0

42

313

477

141

3.49

3.76

Dorchester

0

95

0

21

70

186

260

1.89

2.04

Charleston

0

156

0

225

150

531

325

1.51

1.63

Greenville

0

264

0

67

202

533

357

1.38

1.49

Lexington

0

172

0

38

43

253

421

1.17

1.26

 

 

South Carolina Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

South Carolina

0

1,726

0

543

1,607

3,876

530

26.34

74.67

 

 

 

 

 

 

 

 

 

 

Greenville

0

264

0

67

202

533

357

28.13

109.84

Charleston

0

156

0

225

150

531

325

69.65

43.90

Berkeley

0

122

0

42

313

477

141

145.88

363.11

Horry

0

197

0

29

158

384

450

-7.25

188.72

Spartanburg

0

159

0

0

116

275

444

87.07

663.89

 

 

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