By Andy Owens
aowens@scbiznews.com
Published Jan. 14, 2011
Residential foreclosure filings were up 31.4% in 2010 in South Carolina when compared with the previous year, according to a report issued Thursday.
National foreclosure data company RealtyTrac said that the Palmetto State ranked 16th in the nation for highest number of foreclosures for the year.
The company’s annual report on distressed properties showed that 33,063 properties in South Carolina had some sort of foreclosure filing, which can range from a notice of default to a repossession of a home. That number represents 1.6% of the housing units in the state, RealtyTrac reported.
Two Southern states, Florida and Georgia, had a higher percentage of foreclosures per housing unit than South Carolina.
Nevada finished the year with the highest number of foreclosure filings, with 106,160 filings, representing more than 9% of the homes in the state. Nationally, there were more than 2.8 million foreclosure filings issued against distressed properties, indicating the depth and breadth of the housing crisis that sparked one of the longest recessions in the history of the country.
RealtyTrac CEO James J. Saccacio said foreclosure filings would have easily exceeded 3 million for the year if not for a documentation problem with several big banks that led to a fourth-quarter drop in foreclosures. Several lenders temporarily halted all foreclosure activity until the veracity of some of the involved foreclosure documents could be sorted out.
“Even so, 2010 foreclosure activity still hit a record high for our report, and many of the foreclosure proceedings that were stopped in late 2010 — which we estimate may be as high as a quarter million — will likely be restarted and add to the numbers in early 2011,” Saccacio said.
Foreclosures in the Southeast for 2010
State National Rank % of Homes in Distress
Florida 3 5.25
Georgia 6 3.25
South Carolina 16 1.61
Virginia 19 1.56
Tennessee 23 1.42
Alabama 33 0.97
North Carolina 34 0.96
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I think it is such a costly to residental in a south carolina. Now a days the real estate increasingly in a high speed. So the rate of the property will be increasingly day by day.
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