By Andy Owens
aowens@scbiznews.com
Published Sept. 10, 2009

A slight uptick in statewide foreclosure numbers last month trended away from a nationwide decrease of less than 1%, according to numbers released this morning.

South Carolina’s foreclosure rate from July to August 2009 was up 1.94%, reported national real estate tracking company RealtyTrac.com. That number is more than 78% higher than it was one year ago.

In actual numbers, RealtyTrac reported in its August 2009 U.S. Foreclosure Market Report that South Carolina had 2,475 distressed properties in some state of default in August, compared with 2,428 the previous month. The numbers reflect all property in the foreclosure process, beginning with a notice of default and ending with bank repossession of a property, known as an REO.

Richland County had the highest number of properties in foreclosure in August, at 390. That number was 213 in July and 164 in August 2008. Beaufort County came in second for the month, with 321 properties, and Charleston County rounded out the top three with 309 properties. Greenville County had 290 properties in foreclosure, a drop of 39% from the previous month, and Horry and Lexington counties posted 146 and 147 foreclosures, respectively.

“The August report demonstrates that there is still an ample supply of properties filling the foreclosure pipeline, even while the outflow of bank-owned REO properties onto the resale market is being more carefully regulated,” said RealtyTrac CEO James J. Saccacio. “After hitting a high for the year in July, REOs dropped 13% in August, but we also saw a record high number of properties either entering default or being scheduled for a public foreclosure auction for the first time.”

Nationally, Nevada, Florida and California posted the top statewide foreclosure rates for August. Those states have led the downturn in the housing market since the recession began. For comparison, one out of every 62 housing units in Nevada was in some state of default. In South Carolina, that number is one out of every 817 homes, meaning a smaller percentage of homes are in trouble in the Palmetto State.

August foreclosure numbers in South Carolina

Source: RealtyTrac.com