Staff Report
Published Aug. 12, 2010

Foreclosures were up more than 36% across South Carolina from June to July and up more than 56% compared to the same period last year, according to data released this morning from a national real estate tracking firm.

RealtyTrac’s monthly U.S. Foreclosure Market Report showed a 3.63% increase nationwide from last month and a nearly 10% decrease from July 2009. Foreclosures have been a lagging indicator during the recession, which was sparked in part by subprime lending for a highly inflated national real estate market.

“July marked the 17th consecutive month with a foreclosure activity total exceeding 300,000,” said RealtyTrac CEO James J. Saccacio. “Declines in new default notices, which were down on a year-over-year basis for the sixth straight month in July, have been offset by near-record levels of bank repossessions, which increased on a year-over-year basis for the eighth straight month.”

In the Lowcountry, month-to-month foreclosure numbers increased in all three counties, with Dorchester County showing the highest rate at more than 64%. The county had the highest rate of foreclosures in the state with one home in every 193 with at least a notice of default against it. Beaufort and Charleston counties followed Dorchester with one home out of every 199 and 336, respectively. Berkeley County came in sixth.

Foreclosures in the Midlands’ largest counties increased in month-to-month numbers, with Lexington County having the highest percentage at more than 57%.

In the Upstate, Anderson and Spartanburg counties saw double-digit decreases, with Greenville County showing a 6% increase.

Percentage change in foreclosures for July 2010

Source: RealtyTrac