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Sales of New Homes, Bank Owned and Freddie Mac Foreclosures Drop in SC

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By : John Cutts    99 or more times read
The number of properties sold, including bank and Freddie Mac foreclosures, declined in South Carolina during the month of October 2010. According to S.C. Realtors, sales for the month declined by 25.8% statewide compared with October 2009. However, some local areas posted better numbers for October than statewide figures.

Columbia repossessed properties and foreclosed properties in other local communities of the state contribute to the overall decline in the sales figure of South Carolina. Most housing market analysts have asserted however, that the decline is mainly due to the higher sales figures recorded in October 2009 as home buyers tried to benefit from the government's tax credit program, thereby inflating last year's sales figures.

Despite the decline in statewide sales, including figures for newly built homes, foreclosed properties and South Carolina repo houses, some local areas posted better statistics than the state. Grand Strand recorded a sales decline of 16.7% for October 2010 when compared with year-ago levels, representing an almost 10% difference when compared with statewide figures.

Analysts stated that the drop in the number of sold new homes and bank and Freddie Mac foreclosures in both local areas and in the whole state does not mean that the South Carolina housing market is doing worse. According to them, the last months of a year usually show slower buying activities in real estate since most home buyers prefer to make deals during the summer months.

They further argued that, despite the slow sale of repo properties and new dwellings, the housing industry of the state is actually stabilizing. One factor that they cited to support this claim is the year over year data. Industry figures show that so far, 2010 is doing better compared with the whole 2009 in terms of home sales.

For the whole South Carolina, sales jumped by 3.5% so far for 2010 compared with last year, while in Grand Strand, the increase is 19.6% compared with 2009. Grand Strand recorded the third highest sales increase so far this year, with only Beaufort County and Hilton Head Island recording higher increases in yearly home sales which cover new houses, bank repossessed properties, Freddie Mac foreclosures and other types of residential properties.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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