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Foreclosures fall in South Carolina

In South Carolina, the recession hit as hard or harder than in other areas of the United States. That being said, foreclosure sales are now falling, and that is actual very good for the economy. What that means is that homes that were abandoned or put up for sale previously are now moving, because the market is no longer stagnant.

According to the April 24 news, the only area that has seen a rise in foreclosure rates is Greenville, South Carolina. In that area, the total percentage of distressed and short sales were up to 12 percent, compared to 10 percent a year ago.

While that area may still be struggling, the overall outlook in South Carolina is good. According to the story, RealtyTrac's Q1 2014 Residential & Foreclosure Sales Report indicated that only 5.9 percent of homes sold during that period in South Carolina were foreclosures. In the first quarter of 2013, that percentage had been 9.1.

If you're concerned about Greenville, you may not have to worry. The news reports that most of the increase actually has to do with sales completed by banks with bank-owned properties. Fortunately, to counter this percentage in the area, homes have been appreciating in value, meaning you get more out of your home when you sell instead of having to sell cheap.

In March 2014, RealtyTrac reported seeing an 11-percent appreciation in the Greenville area compared to the same time last year. That brings the median sales price for foreclosures in the Greenville area to $69,300 and the median sales price for foreclosures in the state to $79,201.

According to the RealtyTrac vice president, when a market has 5 percent or fewer distressed sales, you can claim that the market is healthy. South Carolina isn't quite there yet, but the 5.9 percent is much closer than the 9.1 percent South Carolinians faced just last year.

Source: Greenville Online, "Foreclosure sales up in Greenville, down across SC" Angelia Davis, Apr. 24, 2014

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