Charleston Bankruptcy Law Blog

According to a recent report from CoreLogic, 13 of the nation's 24 judicial foreclosure states saw increases in foreclosure activity in March 2012 compared to March 2011. In fact, of the 10 states with the highest foreclosure inventory rates in the country, nine were states in which courts handle foreclosures. Included among these was South Carolina, which saw a rate of 3.8 percent.

Likewise, 15 judicial foreclosure states experienced an uptick in their serious delinquency rates in March compared to a year ago, while the same could be said for only five of the U.S.'s 26 nonjudicial foreclosure states. CoreLogic's top economist said in a statement that nonjudicial foreclosure states are improving in rates of delinquent borrowers when compared to judicial states.

According to a recent report from research firm RealtyTrac, 2012's first quarter saw about 2 percent fewer foreclosures than the previous quarter, recording 572,928 new foreclosure filings across the United States. This is 16 percent fewer filings than reported in the first quarter of 2011. This is the lowest quarterly total of foreclosures since late 2007, when 527,740 filings were reported.

Despite that good news, South Carolina did not follow the national trend, with foreclosures in the state continuing a two-quarter rise. The state saw a 26 percent increase in foreclosures from 2011's first quarter, giving the state the nation's 11th highest foreclosure rate. According to a report, Charleston saw a year-over-year foreclosure increase of about 8.51 percent. While this is relatively high, it still lags behind Anderson and Myrtle Beach, which saw foreclosure increases of about 36 percent and 95 percent, respectively.

Though a long list of retired professional athletes have recently filed for personal bankruptcy, former defensive lineman Warren Sapp seems like one of the last athletes people in South Carolina would place in this category. Since his departure from the gridiron, Sapp has appeared on the hit reality show "Dancing with the Stars" and has made frequent appearances as a commentator on sports television.

Despite his continued public profile, Sapp recently filed for Chapter 7 bankruptcy. According to the documents filed in court, the former athlete lists his assets at $6.45 million, while his liabilities total $6.7 million. At this point, Sapp is earning $115,881 per month. In addition to the money Sapp owes to his creditors, he reportedly has a significant amount of unpaid child support and alimony.

According to a recent report from the Mortgage Bankers Association, South Carolina's delinquency rate for mortgage loans and homes and other residential properties decreased to 8.67 percent in the fourth quarter of 2011, two basis points lower than the third quarter. The numbers indicate that there is still trouble on the horizon in South Carolina.

South Carolina saw a slightly higher percentage of homes enter foreclosure in that quarter though, rising three basis points to 1.13 percent. The percentage of mortgages undergoing foreclosure by the end of the quarter increased to 4.57.