Jump to Navigation
We can handle your closing anywhere in the state.
Subscribe to This Blog's Feed

South Carolina housing market may shift as short sales increase

A recently released report depicts the shifting landscape of the residential real estate market both locally and nationwide. According to the numbers provided by RealtyTrac, an agency that measures foreclosure rates, the overall number of foreclosure home sales has dropped, on a year-over-year basis. However, those numbers alone do not completely tell the story about what's happening in South Carolina.

Across the country, 23 percent of all home sales in the second quarter of this year were foreclosed properties, which is actually an increase in terms of market share. In South Carolina, on the other hand, that percentage was nearly 10 points lower, coming in at 15 percent.

Real estate analysts believe the reason why the percentage of foreclosure sales in South Carolina was so much lower is due to the nature of our state's market. First, the market for foreclosed homes is much tighter in South Carolina than it is nationally. Not only does this limit selection, it also catalyzes the second factor at play: higher prices. In our state, those looking to take advantage of lower-priced homes are not seeing the same kind of discounted as the rest of the nation.

Down the road, however, the dynamics of the local market could change rather significantly. As banks increasingly turn to short sales, houses that would have hit the foreclosure market are likely to be made available as short-sale properties. One analyst commented that more and more lenders are acting on the knowledge that foreclosure regulations are becoming increasingly complex, so selling on the short sale market is more appealing.

Those in the area looking to navigate their options as the result of a foreclosure threat would likely benefit from knowledge of how the foreclosure and short sale processes work, and what is the best option in their situation. Additionally, market dynamics could affect the overall success of their efforts to avert foreclosure and proactively resolve their home mortgage issues.

Source:

  • Facing the threat of foreclosure is obviously something any South Carolina homeowner wishes to avoid. To learn more about your options when dealing with an underwater home, please see our Charleston foreclosure law page.

No Comments

Leave a comment
Comment Information
Tell Us About Your Transaction

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close
Visit Weeks & Irvine at One of Our Six Locations

North Charleston office 8086-B Rivers Avenue
North Charleston, SC 29406
Phone: 843-553-9800
Toll Free: 800-553-7449
Fax: 843-553-9804
Maps and Directions

Mt. Pleasant office
1100 Queensborough Blvd, Suite 102
Mt. Pleasant, SC 29464
Phone: 843-856-9800
Toll Free: 800-553-7449
Fax: 843-216-0930
Map and Directions

Mt. Pleasant North office
3040 Highway 17-A North, Suite B
Mt. Pleasant, SC 29466
Phone: 843-388-3250
Toll Free: 800-553-7449
Map and Directions

West Ashley office
873 Orleans Road, Suite 102 1/2
Charleston, SC 29407
Phone: 843-571-2996
Toll Free: 800-553-7449
Fax: 843-571-2998
Map and Directions

Summerville office
106 West 7th North St
Summerville, SC 29483
Phone: 843-875-7111
Toll Free: 800-553-7449
Fax: 843-875-7721
Map and Directions

Goose Creek office
567 Crowfield Blvd.
Goose Creek, SC 29445
Phone: 843-553-9100
Toll Free: 800-553-7449
Fax 843-553-9183
Map and Directions