By Andy Owens
aowens@scbiznews.com
Published July 16, 2009

The number of homes in foreclosure in Berkeley, Charleston and Dorchester counties fell by 22.5% in the second quarter of 2009, according to data released this morning by national real estate tracking firm RealtyTrac.

Dorchester County saw the largest decline at 25.6%, but foreclosures in all three counties dropped by more than 20% when compared with the first quarter of 2009.

The significant drop is somewhat overshadowed by the comparison between the first halves of 2009 and 2008. The number of foreclosures in the Lowcountry increased by 25.8% in the first six months of 2009 compared with the first six months of the previous year.

Regionally
The seven-county Midlands had a cumulative increase of more than a 100% in the number of homes in foreclosure in the second quarter of 2009. Only Newberry County posted a decrease, with 16.9% fewer homes in foreclosure.

The three largest Upstate counties had a total of 1,549 homes in foreclosure in the first quarter and 1,239 in Q2, pushing foreclosure numbers down by 20%.

In the tourist-centric Grand Strand area, Horry County saw an 11.7% increase in foreclosures, going from 676 in Q1 to 755 in Q2. Georgetown County saw an increase of three homes in foreclosure between quarters, but the county had fewer than 30 total for each quarter.

Darlington and Florence counties each saw a drop in foreclosures from each quarter, with neither having more than 30 total homes in distress for the second quarter.

Statewide
Statewide, 3.1% fewer homes were in some type of foreclosure, from 7,016 in the first quarter to 6,799 in the second quarter. Year over year, foreclosures were up significantly this quarter in South Carolina — 3,179 for Q2 2008 and 6,799 for Q2 2009.

Six-month totals show that South Carolina had a 33.3% increase in foreclosures in the first half of 2009 compared to the first half of 2008. The Palmetto state had 13,145 homes with filing in midyear 2009, compared with 9,860 in midyear 2008.

One in every 154 homes in the state had a foreclosure filing against it in the first six months of 2009, compared to one out of 84 homes nationwide.

Nationwide
Nationally, RealtyTrac numbers show a nearly 11% increase across the country from quarter to quarter.

Foreclosures were up 10.7% when comparing the first quarter of 2009 to the second quarter of 2009. Nevada, Arizona and Florida posted the highest rates of foreclosure, and California, Florida and Arizona had the largest number of homes in foreclosure.

“Unemployment-related foreclosures account for much of this increased activity, and the high number of borrowers who find themselves owing more on their mortgages than their homes are now worth represent a potentially significant future risk,” said RealtyTrac CEO James J. Saccacio.

Saccacio said that stemming the tide of foreclosures is critical to stabilization of the housing market, and he urged the lending industry and the government to work together to address the issue.

First- and second-quarter regional foreclosure numbers in South Carolina

Source: RealtyTrac.com