Foreclosures fall more than 10% across Palmetto State

September 21, 2010 | 4 Comments

 

Foreclosure numbers decreased more than 10% from July to August, according to a monthly report from a national real estate tracking firm.

The amount beat the national average, which showed an increase of nearly 5% in month-to-month foreclosure numbers, said the RealtyTrac report.

The company’s U.S. Foreclosure Market Report also showed that the number of homes in distress, default or repossession was up nearly 37% in August compared to the same month in 2009 in South Carolina.

Foreclosure sold house RealtyTrac CEO James J. Saccacio said the national trend of decreasing default notices and increasing bank repossessions converged in August, which he said indicates that the “clogged foreclosure pipeline” is being carefully managed.

“On the front end, seriously delinquent loans are rolling into foreclosure at an unusually slow rate, while on the back end, the dammed-up inventory of properties already in foreclosure is moving to REO in a steady stream rather than a flood — presumably to prevent further erosion of home prices,” he said.

Compared to other states, South Carolina ranked 19th in the rate of foreclosure, with one out of every 607 homes having at least a notice of default filed against it.

The state with the highest rate of foreclosure, Nevada, showed that, in August, one home out of every 84 had at least a default notice against it. The state with the lowest rate of foreclosure was Vermont, with one out of every 18,389 homes in distress.

Among S.C. counties, Berkeley and Dorchester had the highest rates of foreclosures for August, with Horry County coming in third. Several counties posted no foreclosure notices for the month.

Regional foreclosure report

Lowcountry: Charleston and Dorchester counties both posted decreases for August compared to the previous month. Berkeley County saw an increase of more than 60% since July. Charleston County, down nearly 40% since July, showed an increase of less than one-half of 1% year over year.

Midlands: Richland and Lexington counties posted double-digit declines in the percentage of homes in distress. Richland was the only county in the region that showed declines in both month-to-month and year-to-year foreclosure numbers. Both decreased by more than 50%.

Upstate: Greenville, Spartanburg and Anderson counties all posted increases in the percentage of homes in distress when comparing monthly and yearly numbers. Spartanburg County showed the biggest increase for the region.

Percentage change in foreclosures for August 2010


County
Lowcountry
Berkeley
Charleston
Dorchester

Midlands
Lexington
Newberry
Orangeburg
Richland
Sumter

Upstate
Anderson
Greenville
Spartanburg

Statewide
National

% change July 2010
60.12%
-39.69%
-13.15%
-28.17%
125%
-8.70%
-52.34%
16.98%
80.52%
15.34%
135.45%

-10.53%
4.18%

% change
August 2009

127.05%
0.32%
56.83%
38.78%
28.57%
55.56%
-58.21%
26.53%
152.73%
45.17%
254.79%36.93%
-5.48%

 

Source: RealtyTrac


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