Published March 4, 2013
Foreclosure sales for 2012 were up in South Carolina despite a decrease nationally, according to data released by RealtyTrac.
Foreclosed properties made up 15.5% of all home sales in the state, up 11% from 2011. South Carolina was one of 38 states that saw an increase in foreclosure sales. Nationally, foreclosure-related sales made up 21% of all home sales, down about two percentage points from 2011.
Among S.C. counties, foreclosure properties made up the largest percentage of all sales in Dorchester County; 21% of all homes sold were foreclosures.
“Although foreclosure-related sales represent a shrinking share of total sales, primarily because of fewer bank-owned purchases, distressed sales are still a disproportionately high portion of the overall housing market,” said Daren Blomquist, vice president of RealtyTrac. “And while distressed properties — whether bank-owned, pre-foreclosure or short sales not in foreclosure — are still selling at a significant discount compared to non-distressed properties, average distressed property prices are increasing in many markets thanks to strong demand and limited inventory.”
Total distressed sales made up 43% of all home sales nationally. Short sale data was not available for South Carolina.
Foreclosure sales by county in 2012
# of sales
% of all sales