Jul
29
I was at the Charleston Trident Association of Realtor’s Residential Market Update this morning and heard some stats/facts about foreclosures in our area that I felt were worth passing along since it is on so many people’s minds . . .
- Although Foreclosure’s are up 133% in the Charleston market in the past year (this includes the entire statistical area, not just downtown Charleston), that number only represents .07% of the total housing inventory and translates to the following - for every 128 homes sold in Charleston, 1 was a foreclosure. Thus, many conventional resales are still more attractive to buyers than are foreclosures!
- Berkeley County has the third highest foreclosure rate of all counties in SC
- Charleston has the 4th highest foreclosure rate of all counties in SC
- Dorchester County has the highest foreclosure rate of all counties in SC. There was an audible gasp around the room when this was announced. I suspect that this rate is tied to the fact that the building boom in Dorchester County was in full force as the market started to turn. In fact, Dorchester County was ranked as one of the fastest growing in the country, so now there is a glut of undervalued homes - too much inventory to absorb by today’s market, leading to more distressed homeowners, which can lead to . . foreclosure. Especially since foreclosure moratoriums have been lifted.
On a positive note, there are signs that private investment figures are increasing in 2010, employment rates have been increasing without a substantial increase in new construction permits, so there might be pent up demand for housing boiling away under the surface.



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