Mount Pleasant SC Homes For Sale -

South Carolina Foreclosure Filings

South Carolina Compares Well!

Foreclosure filings rose 9 percent from June to July and surged 93 percent over the same period last year, with Nevada, Georgia and Michigan accounting for the highest foreclosure rates nationwide, a research firm said Tuesday.

The filings include default notices, auction sale notices and bank repossessions. The figures are the latest measure of the ailing housing market, which has seen defaults and foreclosures soar as financially strapped borrowers have failed to make payments or find buyers.

In all, 179,599 foreclosure filings were reported during July, up from 92,845 in the year-ago month, according to RealtyTrac Inc.

The national foreclosure rate in July was one filing for every 693 households, the firm said.

South Carolina ranked near the bottom of foreclosure rankings at 40th last month with one foreclosure filing per 4,679 homes.

But July was the first month of the year that the Palmetto state posted a year-over-year increase in foreclosure filings. S.C. filings were down more than one-third during the first half of the year compared with the same period a year earlier.

¿While 43 states experienced year-over-year increases in foreclosure activity, just five states ¿ California, Florida, Michigan, Ohio and Georgia accounted for more than half of the nations total foreclosure filings, said RealtyTrac chief executive James Saccacio.

Some ... states could be benefiting from increased interest from real estate investors who have pulled out of more volatile markets where home price appreciation seems to have hit its peak for the time being, he said. In contrast, states like Texas, South Carolina and Utah have seen slow but steady price appreciation over the past five years, making them much more attractive and affordable.

Nevada posted the highest foreclosure rate: one filing for every 199 households, or more than three times the national average. It reported 5,116 filings during the month, an increase of 8 percent from June.

Georgias foreclosure rate was more than twice the national average, with one filing for every 299 households. The state reported 12,602 foreclosure filings, up 75 percent from June.

Michigan reported 13,979 filings in July, a 39 percent spike from June.

RealtyTrac did not say whether a single property received more than one notice. The company did not break out the exact property count.

In recent months, the mortgage industry has been battered by rising defaults and foreclosures, primarily driven by borrowers with subprime loans and adjustable rate mortgages.

Lagging home sales and flat or decreasing home prices have made it more difficult for homeowners who fall behind on payments to sell their homes and clear the debt, spurring the rise in foreclosure activity.

METRO FORECLOSURE RATES

Columbia ranks near the bottom among the nation¿s 100 largest metro areas in foreclosure activity with one filing for every 757 homes during the first half of 2007:

1. Stockton, Calif. 1 foreclosure filing per 27 homes

2. Detroit 1 per 29

3. Las Vegas 1 per 31

38. Charlotte 1 per 101

60. Raleigh 1 per 158

70. Greensboro, N.C. 1 per 225

90. Charleston 1 per 547

95. Columbia 1 per 757

99. Greenville 1 per 1,721

100. Richmond, Va. 1 per 2,319

Source: RealtyTrac