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Foreclosures fall in Beaufort; South Carolina stabilizing

As someone with a home to sell or an interest in buying, you need to understand the economy and how foreclosures and short sales are in your area. South Carolina was hit hard by the recession, but it is now starting to recover. That's good news for those looking to sell their homes.

In terms of foreclosure, South Carolina is starting to stabilize, according to a new report from Feb. 12. Fewer short sales are taking place, which means higher house values are allowing sellers to break even or to make a profit on their homes in the event of a sale. Short sales still make up a fair amount of business for firms in the area, but overall, they're down by around 5 percent for 2015.

South Carolina has a better outlook than in the past; it has dropped to 16th in terms of the number of homes being repossessed. In 2014, filings were approximately 30 percent more common than this year, showing a massive improvement within the state.

One area that is succeeding in the recovery is Beaufort County. Foreclosure filings in the area have dropped 38.6 percent from December to January, with the drop totaling 31.1 percent lower than the same time in 2014. In January 2015, there were 620 properties in a stage of foreclosure in Beaufort County.

The economy in South Carolina, as well as the nation, is continuing to improve. The prices of moderate homes have improved, and agents with high-end properties have seen an uptick in sales. That means that if you're struggling with selling your home or worried about foreclosure, you may have more options and a better chance of getting your home sold to reduce your liabilities.

Source: The Beaufort Gazette, "RealtyTracForeclosures down in Beaufort County" Rebecca Lurye, Feb. 12, 2015

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