South Carolina Foreclosures Up in 2010

Foreclosure filings rise 31 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 33,063 South Carolina properties for 2010, up 31 percent from a year ago and 120 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 3,014 South Carolina properties in December 2010, a 22 percent decrease from November, but still 12 percent above the level reported in December 2009. One in every 682 South Carolina housing units received a foreclosure filing during the month.

 

“South Carolina foreclosure activity rose considerably in 2010 to a level well above what was reported for 2009 and more than twice what was reported for 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “High unemployment certainly isn’t helping this situation, as the state relies more and more on its automotive market to spur an economic turnaround.”

 

One in every 62 South Carolina housing units received a foreclosure filing in 2010, the 16th highest state foreclosure rate in the nation for the year.

 

Dorchester County posts state’s top foreclosure rate in 2010

Dorchester County posted the highest foreclosure rate in South Carolina in 2010, with one in every 27 housing units receiving a foreclosure filing — 2.3 times the state average. Beaufort County came in second, with one in every 32 housing units receiving a foreclosure filing in 2010 — 1.9 times the state average. The next highest was Berkeley County, where one in every 33 housing units received a foreclosure filings during the year — 1.9 times the state average.

 

Charleston County led the state in foreclosure activity in 2010

Charleston County led South Carolina in foreclosure activity, reporting 4,048 properties with foreclosure filings. Greenville County had the second highest foreclosure total, with 3,931 properties with foreclosure filings. Horry County was third highest, reporting 3,896 properties with foreclosure filings for the year. Richland County came in fourth, tallying 2,708 properties with foreclosure filings. Fifth highest total for the year was in Beaufort County, where 2,588 properties with foreclosure filings were reported.

 

State a minor contributor to total foreclosure activity in 2010

South Carolina accounted for 1 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

South Carolina

0

14,490

0

3,891

14,682

33,063

62

0.72

n/a

 

 

 

 

 

 

 

 

 

 

Dorchester

0

722

0

267

801

1,790

27

1.66

2.30

Beaufort

0

681

0

521

1,386

2,588

32

1.40

1.93

Berkeley

0

778

0

275

1,009

2,062

33

1.38

1.91

Charleston

0

1,723

0

695

1,630

4,048

43

1.05

1.46

Horry

0

1,902

0

48

1,946

3,896

44

1.01

1.40

 

 

South Carolina Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

1.67

23.23

South Carolina

0

14,490

0

3,891

14,682

33,063

62

31.40

120.49

 

 

 

 

 

 

 

 

 

 

Charleston

0

1,723

0

695

1,630

4,048

43

18.74

135.90

Greenville

0

1,815

0

782

1,334

3,931

48

6.04

54.76

Horry

0

1,902

0

48

1,946

3,896

44

43.92

446.42

Richland

0

1,453

0

33

1,222

2,708

58

0.89

107.51

Beaufort

0

681

0

521

1,386

2,588

32

21.45

280.03

 

 

 

South Carolina Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

South Carolina

0

1,324

0

597

1,093

3,014

682

0.73

n/a

 

 

 

 

 

 

 

 

 

 

Dorchester

0

60

0

48

191

299

162

3.09

4.21

Beaufort

0

57

0

95

116

268

311

1.61

2.19

Berkeley

0

77

0

46

51

174

387

1.30

1.76

Sumter

0

37

0

46

19

102

449

1.12

1.52

Horry

0

111

0

17

237

365

474

1.06

1.44

 

 

South Carolina Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

South Carolina

0

1,324

0

597

1,093

3,014

682

-22.24

12.34

 

 

 

 

 

 

 

 

 

 

Horry

0

111

0

17

237

365

474

-4.95

67.43

Charleston

0

187

0

81

96

364

474

-31.45

-9.68

Greenville

0

179

0

111

55

345

551

-35.27

-24.18

Dorchester

0

60

0

48

191

299

162

60.75

171.82

Beaufort

0

57

0

95

116

268

311

46.45

38.86

 

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