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

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.

Bank-owned properties comprised 9.3 percent of all the homes that were sold in December. RealityTrac also created a list that ranked the states according to their rates of bank-owned sales. Troubled Nevada came in at the top of the list with 18.9 percent. The next states in order were Michigan, Ohio, Arizona and Illinois. South Carolina was not ranked in the top ten.

The report coincides with other data in the housing market which indicates that the recovery has been lopsided. Some markets still have a very high rate of distressed properties, while other cities are hitting new peaks in home prices. The median price for a distressed home sale in December of 2013 was only $108,494, leading to the sales netting 38 percent less money than typical home purchases.

Despite how troubling the statistics may seem, a higher number of short sales in particular can actually be viewed as good news. People that underwent a short sale in 2013 were likely avoiding a foreclosure altogether. South Carolina residents looking for a way out of foreclosure may want to follow suit by looking into the advantages of a short sale.

Source: blogs.marketwatch.com, "Distressed-home sales rose to 16% of all sales last year" Ruth Mantell, Jan. 23, 2014

No Comments

Leave a comment
Comment Information
Tell Us About Your Transaction

Bold labels are required.

Contact Information

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.

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