By Andy Owens
aowens@scbiznews.com
Published Oct. 15, 2009

Foreclosures were up 11% in the third quarter of 2009 compared with the second quarter, according to data released this morning by a national real estate tracking firm.

South Carolina ranked 24th out of the 50 states for the number of foreclosures filed in the third quarter. One out of every 268 homes in the Palmetto State was listed as being in distress, data from RealtyTrac showed. The highest rate of foreclosures was seen in Nevada, where one out of every 23 homes was listed as being in distress.

Vermont had the lowest ranking, with one out of every 5,023 homes being in some state of foreclosure, which includes a multistep process beginning with a notice of default and possibly ending with repossession of the property by a bank.

In September, South Carolina saw an 30.6% increase in foreclosures when compared to August (click map to enlarge). A total of 3,231 homes were listed as being in some state of foreclosure. For comparison, Nevada saw an increase of 4.8% and had 18,766 homes in distress.

According to RealtyTrac charts, the larger population centers continue to be the most active for foreclosures.

Nationwide, foreclosure activity increased 5% in the third quarter of 2009 when compared to the second quarter. Year-to-year figures show that foreclosure activity increased 23% from September 2008 to September 2009.

“Bank repossessions, or REOs, jumped 21% from the second quarter to the third quarter, corresponding to jumps in defaults and scheduled auctions in the previous two quarters,” RealtyTrac CEO James J. Saccacio said. “REO activity increased from the previous quarter in all but two states and the District of Columbia, indicating that lenders may be starting to work through some of the pent-up foreclosure inventory caused by legislative delays, loan modification efforts and high volumes of distressed properties.”

*Indicates one home out of the number of homes listed in the column with a foreclosure filing.

Source: RealtyTrac