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Home prices on the rise in South Carolina

Short sales can be a sign of a poor economy, since it's something you could have to try as a last ditch effort to avoid a foreclosure on your credit report. The number of short sales in an area has a direct relationship with the state of the economy, and looking at how many have taken place can show you if the area is improving or falling behind the rest of the United States. Charleston, South Carolina, is improving, according to some of the latest news, because home prices are continuing to rise, helping bridge the gap between sale prices and the owners' mortgages.

According to a report from April 13, as home prices have climbed, so have the prices of distressed home sales, which include short sales. What that means is that even in cases where owners were trying to sell quickly, they were able to get a higher price for their homes. Including short sales, home prices have increase by 1.3 percent in February over January.

The article reports that South Carolina has seen home prices increase by 9.3 percent in February, while nationally the increase in home prices in February was only around 5.6 percent. As South Carolina's economy continues to improve and recover, the home prices in the area will continue to grow, giving homeowners more options when it comes to moving and selling.

For someone dealing with a short sale situation, knowing that your home could be sold for more than you were expecting could be good for you. If your home does happen to break even or make more than the mortgage, you could even stand to make a profit.

Source: The Post and Courier, "Home prices continue to rise in Charleston area," Warren L. Wise, April. 13, 2015

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