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South Carolina foreclosure rate in 2011 tracks with national figures


By Lauren Ratcliffe
lratcliffe@scbiznews.com
Published Jan. 16, 2012

Nearly 1.9 million properties nationwide were in foreclosure by the end of 2011, according to new data released by the national foreclosure research company, RealtyTrac. Foreclosure activity on the year was down 34% from 2010.

South Carolina’s foreclosure rate kept pace with national numbers — 29,931 housing units, one in 70 properties, had at least one foreclosure filing during the year. Nationally, one in 69 homes had at least one filing.

December saw foreclosure filings reported on 205,024 U.S. properties down 9% from November and down 20% from December 2010. December’s total was the lowest monthly total in 49 months.

In South Carolina, 3,472 homes were under some form of distress, representing one in every 600 homes.

Within the state, Richland, Charleston and Greenville counties had the highest number of homes in foreclosure. Richland and Dorchester counties had the highest rates of foreclosure.

Although December ended with a decline in foreclosures nationally, the numbers could tick upward in 2012 as lenders push foreclosures through the process.

“There were strong signs in the second half of 2011 that lenders are finally beginning to push through some of the delayed foreclosures in select local markets,” said RealtyTrac CEO Brandon Moore. “We expect that trend to continue this year, boosting foreclosure activity for 2012 higher than it was in 2011, though still below the peak of 2010.”

Nevada, California and Arizona continued to top the list of states with the highest foreclosure rates. One in every 16 Nevada homes had at least one foreclosure filing in 2011.

California reported one in every 31 homes under foreclosure for 2011, the third highest rate in the country, despite dropping 4% from 2010.

Arizona recorded the second highest foreclosure rate in the nation with one in every 26 homes under some form of distress. These numbers were reported despite a 28% drop in foreclosure activity from November.

2011 S.C. foreclosure rate

Metro Area

Lowcountry
Charleston
Berkeley
Dorchester

Midlands
Richland
Lexington
Calhoun

Upstate
Greenville
Spartanburg
Anderson

State/Nation
South Carolina
USA

December filings

327
151
160


542
262
3


282
173
167


3,472
205,024

December rate of foreclosure

1 in 535
1 in 456
1 in 307


1 in 293
1 in 413
1 in 2,487


1 in 682
1 in 714
1 in 504


1 in 600
1 in 634

2011 filings


3,097
1,457
1,288


3,251
1,860
18


3,149
1,730
1,166


29,931
1,887,777

2011 rate of foreclosure

1 in 57
1 in 47
1 in 38


1 in 49
1 in 58
1 in 415


1 in 61
1 in 71
1 in 72


1 in 70
1 in 69

Source: RealtyTrac

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