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January 2014 Archives

Short sales increasing despite recovering market

While, the housing market in the U.S. generally became stronger in 2013, RealityTrac recently released a study showing that many homeowners are still in trouble. The research revealed that short sales, public foreclosure auctions and sales of properties owned by a bank comprised 16.2 percent of the total home sales in the U.S. last year. This is higher than the rate in 2012, which was 14.5 percent. The rate in 2011 was 15.2 percent. An executive from RealityTrac stated that short sales trended downward in the second half of 2013, but over 1.2 million properties in the country still face foreclosure or are owned by a bank.

South Carolina potentially loses out on Catawba casino deal

South Carolina landowners allegedly made the sale of land near the York County reservation too expensive or impossible, causing the Catawba Indian Nation to move their $600 million casino idea to North Carolina. The nation's chief stated that private landholders who owned parcels around the 1,006-acre reservation refused to sell land or would not make reasonable offers. According to an announcement made by the tribe in September 2013, the Catawbas are attempting to build a casino that would create 5,000 jobs in the area. Many county officials in North Carolina support the plan, but Governor McCrory opposes the project.

Two Charleston properties change hands after foreclosure sale

Two large shopping centers in Charleston - the Citadel Mall and the West Ashley Shoppes - have come under new ownership in a move that may signal the sale of the properties in the near future. The Citadel Mall was essentially repossessed by its mortgage holders after no offers were made at the foreclosure sale in downtown Charleston. The minimum bid at the public auction was set at $65 million. The mall's mortgage lenders formed a new entity in July 2103 that now owns the commercial real estate. They plan to oversee the mall's operations until it can be put back on the market.

South Carolina bill to change forclosure law

A South Carolina state representative is planning to introduce a bill that would prevent a homeowner from being foreclosed upon due to being behind on flood insurance payments. The bill is being proposed in response to the rise in flood insurance rates that thousands of residents in South Carolina are dealing with. Under the new law, a bank could not consider failure to pay flood insurance as grounds for foreclosure if the homeowner is otherwise current on the mortgage.

Tax break ending for homeowners facing forclosure

A home is considered to be financially underwater when the balance of the home loan is higher than the fair market value of the property. One estimate places the number of underwater homes in the United States at nearly 11 million. That figure is higher than the total population in 43 U.S. states. A government tax break relieving homeowners of a significant tax burden for seven years has allowed many people in this situation to avoid foreclosure. However, that measure expired at the end of 2013, and without action from Congress, underwater homeowners could see a huge tax bill this year.

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North Charleston, SC 29406
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Mt. Pleasant, SC 29464
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3040 Highway 17-A North, Suite B
Mt. Pleasant, SC 29466
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873 Orleans Road, Suite 102 1/2
Charleston, SC 29407
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106 West 7th North St
Summerville, SC 29483
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Goose Creek, SC 29445
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