Some housing markets in South Carolina recorded a decline in unit sales during 2010 compared with 2009, with analysts attributing the decline to the high number of foreclosure lis pendens, unemployment, the economic downturn and difficulties in acquiring credit. Despite the drop in sales, analysts are optimistic that it will be a better time for the housing industry in 2011.
Charleston foreclosures, SC and foreclosed property numbers in other local areas of South Carolina continued to rise during 2010, causing housing values and sales to also drop. In Spartanburg County, sales of residences were down by 6% last year compared with 2009 levels. A total of 2,551 dwellings were sold in the area in 2010 compared with the 2,721 housing units sold in 2009.
Although the number of foreclosed homes in South Carolina is expected to continue to rise, most analysts expect sales to improve in 2011 in most areas of the state. They claim that the market will not be able to achieve a complete turnaround during the year, but some improvement will definitely come the housing market's way. They stated that December figures show higher interest among potential buyers and more optimism among Realtors and builders.
Housing industry experts stated that buyers were discouraged by the huge number of foreclosure lis pendens and the poor performance of the market industry in 2010, but most are coming to realize that the difficult times will not last forever. In December 2010, a total of 180 homes were sold in Spartanburg, representing a decline of over 20% compared with the same 2009 month when 227 houses were sold.
For the 2010 fourth quarter, Spartanburg sold 537 dwellings, translating to a 22% drop compared with the same 2009 quarter when a total of 692 houses were purchased by buyers. The median rate of non-foreclosed and foreclosed homes purchased in December was pegged at $93,500, representing a 17% fall from the $112,750 year-ago median price. Residential properties in the county stayed in the market for 148 days in 2010 before getting sold.
Despite the seemingly gloomy data, Realtors and analysts believe that 2011 will bring a better fortune for the housing market. According to them, foreclosure lis pendens will continue to affect housing market figures, but to a lesser degree than previous periods.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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