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Foreclosure filings up 11% in S.C.

Agriculture
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By Ashley Heffernan
aheffernan@scbiznews.com
Published Sept. 17, 2015

Home foreclosure filings were down about 6% in August across the U.S. compared to August 2014.

But filings were up nearly 11% in S.C. during that same time period, making it the fifth-highest state nationwide, according to a report released by housing data company RealtyTrac.

RealtyTrac reported that 239 homes were in the foreclosure process last month in Richland County. That’s down more than 5% from July but nearly 11% greater than August 2014. In Lexington County, there were 196 foreclosure filings in August, an increase of 2.6% over July but down nearly 14% from August 2014.

Foreclosure filings, which include default notices, scheduled auctions and bank repossessions, were reported on almost 110,000 U.S. properties last month. Foreclosures were started in August on about 45,000 homes, which is down nearly 19% from August 2014, and almost 37,000 foreclosures were completed, which is up almost 40%, RealtyTrac said.

“Foreclosure starts in August continued to search for a new floor below even pre-recession levels, indicating the housing recovery of the past three years is built on a solid financing foundation,” RealtyTrac vice president Daren Blomquist said in a statement. “But the continued rise in bank repossessions indicates more batches of bank-owned homes will be rippling through the housing market over the next three to 12 months as lenders list these properties for sale.”

Blomquist said the extra bank-owned properties may be good news for housing markets that lack enough inventory. But he warned buyers and investors interested in purchasing those homes about possible deferred maintenance issues.

“The average estimated market value of REO (repossessed by lenders through foreclosure) properties nationwide is now 33% below the average market value of non-distressed properties, and homes that were repossessed in the second quarter of this year on average had been languishing in the foreclosure process for 629 days,” he said in a statement.

In South Carolina, 2,485 homes were in the foreclosure process last month. That equates to about one in every 863 homes in the state, according to RealtyTrac. Nearly 1,100 foreclosures were started last month, while just more than 450 were completed, the company said.

Foreclosure filings data for S.C. counties

County

Abbeville
Aiken
Allendale
Anderson
Bamberg
Barnwell
Beaufort
Berkeley
Calhoun
Charleston
Cherokee
Chester
Chesterfield
Clarendon
Colleton
Darlington
Dillon
Dorchester
Edgefield
Fairfield
Florence
Georgetown
Greenville
Greenwood
Hampton
Horry
Jasper
Kershaw
Lancaster
Laurens
Lee
Lexington
Marion
Marlboro
McCormick
Newberry
Oconee
Orangeburg
Pickens
Richland
Saluda
Spartanburg
Sumter
Union
Williamsburg
York

1 in every X housing units
2,406
626
2,229
911
2,553
868
794
563
2,436
1,129
1,260
1,462
2,665
1,086
1,411
1,590
4,546
519
752
1,660
1,197
1,346
892
1,409
907
1,044
1,301
835
1,302
1,329
1,287
586
1,487
6,002
1,810
1,277
968
1,030
787
681
1,849
748
720
1,563
1,173
566

Total filings
in Aug.
5
116
2
93
3
12
117
132
3
152
19
10
8
16
14
19
3
107
14
7
49
25
220
22
10
179
8
33
25
23
6
196
10
2
3
14
40
41
65
239
5
164
64
9
13
168

% change from July
-58.33
58.90
0.00
-16.22
50.00
71.43
6.36
8.20
200.00
-21.24
46.15
42.86
33.33
77.78
40.00
18.75
-40.00
-4.46
27.27
16.67
16.67
92.31
-4.76
-50.00
66.67
21.77
60.00
-10.81
4.17
155.56
100.00
2.62
100.00
0.00
200.00
-12.50
53.85
-6.82
38.30
-5.16
25.00
7.89
12.28
0.00
85.71
34.40

% change
from Aug. 2014
66.67
43.21
0.00
-3.13
200.00
33.33
18.18
15.79
-62.50
-7.88
-5.00
-16.67
166.67
166.67
-30.00
111.11
-25.00
8.08
250.00
-22.22
25.64
31.58
-3.51
-61.40
400.00
38.76
166.67
-8.33
19.05
-4.17
200.00
-13.66
100.00
0.00
200.00
100.00
25.00
-2.38
22.64
10.65
66.67
17.99
28.00
50.00
333.33
18.31

Source: RealtyTrac

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