Foreclosed houses, including Chase bank owned homes, accounted for less than 20% of total housing sales in South Carolina for the July-September 2010 period. The percentage of distressed property sales dropped in majority of the regional housing markets of the state for the third quarter of the current year.
Foreclosed homes in Summerville and in other parts of the state attracted fewer buyers for the third quarter of the current year. Housing data showed that statewide, 19.44% of total residential property sales for the third quarter were foreclosed or distressed. The figure is less than the 24.89% average recorded for the whole U.S. in the same quarter.
Prices of South Carolina foreclosures for sale sold during the 2010 third quarter were 27% lower than the prices of regular residential properties. The price difference is slightly lower than the nationwide average of 32.12% recorded in the same period. Most of the major markets of the state posted a price difference of over 20% between foreclosed houses and non-foreclosure dwellings.
The percentage of Chase bank owned homes and other residential properties sold as distressed or foreclosed declined during the third quarter in most regions of South Carolina compared with the 2010 second quarter. Charleston recorded a decrease of over 20%, while Columbia posted a 40% drop compared with the May-June 2010 quarter. For Greenville-Mauldin, the decline was 15% compared with the 2010 second quarter.
However, the number of people buying bank foreclosed homes increased in Spartanburg for the third quarter, with the region recording a 6.29% increase in foreclosed property sales compared with the previous quarter. Most housing industry analysts are predicting a further drop in foreclosure sales for the coming fourth quarter.
According to them, the controversy that surrounded the processing of foreclosed homes will likely discourage a lot of potential buyers from purchasing distressed and foreclosed houses. They stated that a solution that will demonstrate that lenders are acting responsibly is needed to get buyers back on the market and ease the heavy inventory of distressed homes.
Analysts also stated that selling Chase bank owned homes and other foreclosed residential properties should continue if neighborhoods all around the state and the U.S. are to improve and if the nation's economy is to achieve a sustained recovery.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.