Thursday, December 13, 2012

S.C. posts 5th highest foreclosure activity in November

Fewer U.S. homes faced foreclosure filings in November compared to the previous month and the same time last year, according to the U.S. Foreclosure Market Report.

Annual foreclosure filings rose sharply in the Carolinas, however. 

South Carolina posted the fifth-highest foreclosure activity in the country, the data shows.

One out of every 728 U.S. housing units had a foreclosure filing in November, down 3 percent from October and a 19 percent drop from November 2011 - the 26th consecutive month showing an annual decrease in foreclosure activity, according to the report, released Thursday by analytics firm RealtyTrac. 

In North Carolina, one in 1,254 homes faced foreclosure activity - up 27 percent compared to November 2011 and down less than 1 percent from the previous month.

In South Carolina, one in 455 homes faced foreclosure activity, an increase of 17 percent for the year and up 32 percent from the previous month.

Foreclosure filings include default notices, scheduled auctions and bank repossessions.


RealtyTrac said that while the U.S. housing industry is past the worst of the foreclosure crisis, "...foreclosures

are continuing to hobble the U.S. housing market as lenders finally seize properties that started the process a year or two ago — and much longer in some cases," said vice president Daren Blomquist. 

"We’re likely not completely out of the woods when it comes to foreclosure starts, either, as lenders are still adjusting to new foreclosure ground rules set forth in the National Mortgage Settlement along with various state laws and court rulings,” Blomquist said.

The national decrease in foreclosure activity was driven largely by big year-over-year drops in California, Georgia, Michigan, Texas and Arizona. Foreclosure activity meanwhile rose in 23 states and the District of Columbia. 

South Carolina was one of nine states posting a 12-month highs in November for foreclosure activity. 

Lenders completed the foreclosure process on more than 59,000 U.S. homes in November, up 11 percent from the previous month and up 5 percent from November last year.  This is the first annual increase in bank repossessions since October 2010, when the practice of robo-signing foreclosure documents came to light and sparked a moratorium on foreclosures, slowing activity for months.

To view the report, go to  http://www.realtytrac.com/content/foreclosure-market-report/november-2012-foreclosure-activity-report-7514


3 comments:

Anonymous said...

How's that Governor Haley thing working out for you fine citizens of South Carolina.

Skippy said...

Poster number one, SC has a lower unemployment rate, oh by the way NC has the 4th highest unemployment rate in the country. So just crawl back under your rock.

Brendan Kenny said...

I am actually starting a new life in SC with a new job and everything. The company I am working for has very low employee turnover. It is hard to believe that the state posted it's fifth highest foreclosure rate. When my wife and I were looking for homes for sale in charleston sc the agent told us about this, but said the same thing about unemployment rate. I hope this doesn't hit us. Thanks for sharing this is a great thing to know before we make the big move.