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Foreclosures Rate Drops Nationally Month to Month, But Are Still Up in Mount Pleasant and the Charleston SC as compared to last year.
First Time Home Buyers and Investors in the Mount Pleasant and the Charleston SC area are still see a lot of bank or lender owned properties that have gone through the foreclosure process. Many of these homes are priced well below market and do require some repairs, but the potential sweat equity can be substantial. Make sure you work with an agent, who can help you determine if a home is a good value, by not only providing real estate market data and analysis, but offers both the pros and cons to a particular home.
Foreclosure numbers volatile in first four months
By Andy Owens - aowens@scbiznews.com - Published May 13, 2009 - South Carolina saw a month-to-month decline in foreclosure filings from March to April, according to data released this morning by a national real estate tracking firm.
RealtyTrac notes that the state saw a 2.41% decrease in the number of foreclosures from March to April this year. Across the country, the number of foreclosure filings increased by less than 1%, but year-over-year foreclosures were up 32% between April 2008 and April 2009.
The volatility of month-to-month foreclosure numbers was apparent in the tri-county area. Charleston County posted a 9.65% decrease from March to April, but Berkeley County saw a 40.71% increase and Dorchester County saw an increase of 10.48%.
From February to March, Berkeley and Dorchester counties each saw a 16.0% decline in foreclosures, and Charleston County had a 30% increase.
Whether that’s a true indication of what’s going on in the market is unclear because federal moratoriums against repossession of homes in the early part of the year recently expired. Some analysts predicted that would create a flood of foreclosures, but in early May, the S.C. Supreme Court issued a stay against foreclosure on any homes backed by Freddie Mac and Fannie Mae mortgages.
Data from Charleston-based Real Estate Information Service, which tracks building, permitting and real estate sales across the state, shows Freddie Mac and Fannie Mae became the fifth-largest seller of homes in the Lowcountry in 2008, with 31% of the market.
Property repossessed by banks, called REOs, declined month-to-month nationally, hitting the lowest number since March 2008, according to RealtyTrac. South Carolina saw a similar decline in REOs, from 812 in March to 697 in April.
“This suggests that many lenders and servicers are beginning foreclosure proceedings on delinquent loans that had been delayed by legislative and industry moratoria,” said RealtyTrac CEO James J. Saccacio. “It’s likely that we’ll see a corresponding spike in REOs as these loans move through the foreclosure process over the next few months.”
RealtyTrac’s data indicated that one out of every 876 homes in South Carolina was in some state of foreclosure, which is an improvement over March, when one home in every 855 was in foreclosure. Nationally, one home in every 374 is in foreclosure, the data said.
Foreclosure numbers for April 2009 compared to March 2009
|
State |
April 2009 |
% change from March |
|
Georgia |
11,521 |
-13.80% |
|
Florida |
64,588 |
37.04% |
|
Ohio |
12,324 |
-2.28% |
|
Nevada |
16,266 |
-18.05% |
|
New Jersey |
5,034 |
10.15% |
|
South Carolina |
2,309 |
-2.41% |
|
Tennessee |
3,470 |
-21.51% |
|
Virginia |
6,254 |
8.67% |
Source: RealtyTrac, www.realtytrac.com
Foreclosures numbers in selected counties in South Carolina
To read the rest of this article, http://www.charlestonbusiness.com/news/27642-s-c-foreclosures-see-2-41-decline-from-march-to-april?rss=0
Charleston, Mount Pleasant, & Hanahan Real Estate For Sale
Matt Naumann – Charleston & Mount Pleasant, SC Real Estate Agent & Entrepreneur
"Taking Real Estate Home Buying, Investing and Selling to the Next Level" is my personal goal. I specialize in using creative strategies to help my clients buy, invest, or sell real estate in the Charleston & Mount Pleasant, SC Real Estate Market. My motto is “There is always a way!” Google or Call me (843) 818-9898 and let’s discuss how I can help you in save $1,000s when you buy, invest, or sell real estate.
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