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Government Foreclosure Homes for Sale Thrive in Charleston

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By : John Cutts    99 or more times read
The month of June 2010 saw Charleston, South Carolina selling more than 1,000 homes, the highest ever number of dwellings sold in the area since August 2007. Houses sold include government foreclosure homes for sale, bank foreclosures, new dwellings and existing residences.

According to local homeowners association officials, the high number of homes sold during the month could be partly attributed to the federal tax incentive. However, they also claimed that there are other factors at work which resulted in Charleston foreclosed homes for sale and new dwellings becoming hot commodities among home buyers.

Other reasons for the high number of South Carolina foreclosed homes and new dwellings being sold during the month are the low rates of mortgages in the area and the attraction of varied choices available to home buyers. Realtors also stated that highly-motivated sellers did their part in increasing home sales in the city and in the whole state.

Statistics for the first half of the year showed that 24% of residential properties sold in the city are foreclosed homes for sale. The median price of houses declined by 4% in June. Realtors believe that this is due to foreclosures and short sales.

Buyers took advantage of cheap government foreclosure homes for sale and other foreclosed residences which offer investors and regular home buyers a discount of around 24%. Short sales also offered very affordable deals to buyers, with most homes sold through short sales being offered at 23% less than their original price.

Local realtors have claimed that the consistent rise of home sales in the area each month can be construed as a sign of housing market stability. They added that stability is also evident in the fact that homes' median prices have been maintained in the range of $180,000 all through the first six months of 2010. In addition, year-to-date figures showed that home sales for the first half of current year is already 31% higher than those sold in the first six months of 2009.

Real estate observers expect government foreclosure homes for sale, bank foreclosures and new houses in the city to be favored by home buyers and investors in the coming second half of the year, particularly since the tax initiative has been extended by the federal government until September.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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