In the third quarter, there were nearly 10,000 homes under foreclosure across the state, according to data released by RealtyTrac. Meanwhile, foreclosure activity nationwide is at a five-year low, for the third quarter and for the month of September.
Published Oct. 11, 2012
South Carolina reported one of the largest increases in foreclosure activity during the third quarter — up 16% from the prior-year quarter.
There were nearly 10,000 homes under foreclosure across the state, according to data released by RealtyTrac. For the month of September, there were 3,548 homes under foreclosure, or one in every 603.
Meanwhile, foreclosure activity nationwide is at a five-year low, the national foreclosure tracking firm said.
Both third quarter figures and data for the month of September show nationwide activity at its lowest point since 2007. Nationally, foreclosure proceedings were reported on 180,427 homes in September, down 7% from last year. Quarterly foreclosure activity dropped 13% from last year.
“We’ve been waiting for the other foreclosure shoe to drop since late 2010, when questionable foreclosure practices slowed activity to a crawl in many areas, but that other shoe is instead being carefully lowered to the floor and therefore making little noise in the housing market — at least at a national level,” said Daren Bloomquist, vice president at RealtyTrac. “Make no mistake, however, the other shoe is dropping quite loudly in certain states, primarily those where foreclosure activity was held back the most last year.
“Meanwhile, several states where the foreclosure flow was not so dammed up last year could see a roller-coaster pattern in the foreclosure activity going forward because of recent legislation or court rulings that substantively change the rules to properly foreclose,” he added.
Across the state, Dorchester County had the highest foreclosure rate for both the third quarter and September. Calhoun County posted the lowest foreclosure rate.
SEPTEMBER 2012 THIRD QUARTER 2012
# of foreclosures
1 in 603
# of foreclosures
1 in 215