Lowcountry MSA posts highest number of foreclosures across S.C.

Staff Report
Published June 11, 2010

Foreclosure numbers from the Charleston-North Charleston metropolitan statistical area showed the region has the highest number of homes in distress for May compared with any other MSA in South Carolina.

With one out of every 277 homes with at least one filing against it in May, the MSA covering Charleston, Berkeley and Dorchester counties averaged an increase of more than 82% in foreclosures filings, in year-to-year comparisons.

Statewide foreclosure numbers were up in May compared to the same month last year, but the rate of increase was lower, year-over-year, than in April. Real estate tracking firm RealtyTrac’s monthly U.S. Foreclosure Market Report, which came out Thursday, showed South Carolina had a 29.22% year-to-year increase in foreclosure filings for May compared to May 2009. Last month, statewide numbers showed a 36.21% increase.

National numbers show a less than 1% increase in homes facing distress from 2009. Foreclosures were down 3.27% from April across the U.S. Year-to-year numbers in most of South Carolina’s larger counties, aside from Greenville County, saw significant gains.

Lowcountry
After seeing month-to-month declines in April, Berkeley, Charleston and Dorchester counties all saw increases in monthly and yearly foreclosure numbers. RealtyTrac reported that in the Charleston-North Charleston metropolitan statistical area, one home out of every 277 was in distress — a significant increase from the previous month, when one out of every 412 had at least one foreclosure filing against it. The actual number of properties listed in distress for May 2010 was 1,040 in the MSA.

Midlands
Lexington, Richland and Orangeburg counties saw increases in month-to-month foreclosure numbers, with Lexington County posting an increase of more than 163% from April to May. RealtyTrac reported that in the Columbia metropolitan statistical area, one home out of every 448 was in distress, significantly more than one out of every 889, as reported the previous month. The actual number of properties listed in distress for May 2010 was 706 in the MSA.

Upstate
Anderson and Spartanburg counties saw declines in month-to-month foreclosure numbers, but Greenville County showed an increase of more than 8%. The trend switched in year-over-year data, with Anderson and Spartanburg showing triple-digit increases and Greenville County showing a slight decrease in distressed homes. The actual number of properties listed in distress for May 2010 was 103 in the Anderson County MSA, with one home out of every 809 in distress. For Greenville-Mauldin-Easley, the number was 601, with one out of every 454 with some sort of foreclosure filing.

“The numbers in May continued and confirmed the trends we noticed in April: overall foreclosure activity leveling off while lenders work through the backlog of distressed properties that have built up over the past 20 months,” said RealtyTrac CEO James J. Saccacio.

Saccacio said lenders appear to be ramping up the pace on forestalled foreclosures even while the inflow of delinquencies into the foreclosure process has slowed.

“Defaults and scheduled auctions combined increased by 28% from 2007 to 2008 and another 32% from 2008 to 2009 — creating a buildup of delayed bank repossessions,” he said.

Foreclosures for May 2010


County

Lowcountry
Berkeley
Charleston
Dorchester

Midlands
Lexington
Newberry
Orangeburg
Richland
Sumter

Upstate
Anderson
Greenville
Spartanburg

Statewide
National

% change since
April 2010


51.70%
48.68%
46.55%

163.49%
-33.33%
13.16%
67.16%
-11.76%

-10.43%
8.46%
-14.74%

29.22%
-3.27%

% change since
May 2009

93.91%
89.23%
61.39%

102.44%
-40.00%
377.78%
-22.68%
1.69%

255.17%
-6.39%
219.74%

31.44%
0.45%

Source: RealtyTrac

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