S.C. ranked No. 4 for foreclosures

By Ashley Barker
abarker@scbiznews.com
Published Dec. 12, 2013

South Carolina, with 3,207 filings, ranked No. 4 in the country for highest foreclosure rates during November, according to RealtyTrac data.

One in every 660 homes in the state was in foreclosure, down 31.77% from last November, RealtyTrac’s U.S. Foreclosure Market Report said.

Charleston ranked No. 7 in highest foreclosure rates for metropolitan statistical areas in the United States with populations of 200,000 or more. One in every 395 housing units had been filed for foreclosure in the Charleston metro area

Nationwide, foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 113,454 properties in November, a 37% decrease from data reported a year ago.

One in every 1,155 housing units in the country was in foreclosure during that time.

“While some of the decrease in November can be attributed to seasonality, the depth and breadth of the decrease provides strong evidence that we are entering the ninth inning of this foreclosure crisis with the outcome all but guaranteed,” said Daren Blomquist, vice president at RealtyTrac, in a statement. “While foreclosures will likely continue to stage a weak rally in certain markets next year, as the last of the distress left over from the Great Recession is dealt with, it is highly unlikely that there will be a foreclosure comeback that poses any major threat to the solid housing recovery that has now taken hold.”

A total of 52,826 U.S. properties started the foreclosure process for the first time in November, down 32% from a year ago. That’s the lowest level since December 2005, when 49,236 U.S. properties started the process, the report said.

Foreclosure numbers for select S.C. counties

Actual year-to-year numbers for November, in order of highest rate:

County
Dorchester
Berkeley
Charleston
Anderson
Greenville
Spartanburg
Richland
Lexington
Orangeburg
Calhoun

Housing units
54,162
72,028
168,768
84,370
193,513
122,029
159,980
112,422
42,364
7,336

Rate
306
307
505
518
607
722
792
845
1,115
7,336

% change from 2012
2.31%
23.68%
–5.92%
–48.42%
–36.07%
–35.50%
–42.29%
–74.42%
–9.52%
–50.00%

Source: RealtyTrac

Reach Ashley Barker at 843-849-3144 or @AshleyNBarker.

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