Published Nov. 10, 2011
U.S. foreclosure activity hit a seven-month high in October, with 230,678 properties in some sort of distress, according to a national real estate tracking firm. At 3,652 total filings, South Carolina’s foreclosure numbers were the highest they’ve been all year.
Although the October numbers were 7% higher than in September, they were down 31% compared with October of last year, RealtyTrac reported.
The U.S. foreclosure market report, released Wednesday, said one in every 563 properties had at least one level of foreclosure filing against it.
In South Carolina, numbers jumped up in October after dipping to a 2011 low of 2,690 in September. In October, one in every 571 homes received a foreclosure filing, according to the RealtyTrac report.
Greenville and Charleston counties had the most foreclosures in the state in October; Dorchester County had the highest rate.
RealtyTrac CEO James Saccacio said the uptick in foreclosure activity was anticipated, an emergence from the “rain delay” caused by lenders’ problems with foreclosure paperwork and processing.
“However, recent state court rulings and new state laws keep changing the rules of the foreclosure game on the fly,” he said, “creating more uncertainty in the housing market and threatening to prolong the road to a robust real estate recovery.”
Nevada still has the highest foreclosure rate of any U.S. state, despite a 34% drop in activity in October. One in every 180 homes in Nevada had a foreclosure filing against it in October. Las Vegas fell to No. 5 among metro areas after sitting in the No. 1 spot for after 22 months.
Ahead of Las Vegas now are four California metro areas: Stockton, Modesto, Vallejo-Fairfield and Riverside-San Bernardino, which helped put the state in the No. 2 spot overall. In California, one in every 243 homes is in foreclosure. Arizona came in with the third-highest rate, with activity up about 18% at one in every 259 properties with a filing.
The top five states in terms of foreclosure rate in October — Nevada, California, Arizona, Florida and Michigan — accounted for 53% of the national total for the month.