S.C. foreclosure sales up 11% in 2012

Staff Report
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

County

Lowcountry
Berkeley
Charleston
Dorchester

Midlands
Calhoun
Lexington
Richland

Upstate
Anderson
Greenville
Spartanburg

South Carolina
United States

# of sales


581
1,272
518


2
655
905


503
1,199
656

10,526
947,995

% of all sales


20%
18.5%
21.1%


4.4%
18.1%
17.6%


14.7%
14.6%
13.4%

15.5%
21.4%

Average price


$138,395
$199,315
$129,569


Not given
$94,817
$89,572


$76,994
$108,064
$78,742

$122,957
$167,146

Average discount


27.2%
37.5%
20.5%


Not given
32.9%
37.4%


26.5%
30.6%
25.6%

29.6%
31.3%

Source: RealtyTrac

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