Bank-owned foreclosure sales rise more than 30% across S.C.

Staff Report
Published May 30, 2013

Bank-owned real estate accounted for 7.17% of residential real estate sales in South Carolina in the first quarter of 2013, according to a foreclosure sales report released today.

Nationally, REO sales were down more than 22%, according to data from national foreclosure tracking firm RealtyTrac. Sales of bank-owned property rose more than 30% statewide for the quarter compared with the same period last year, RealtyTrac numbers show.

Across South Carolina’s largest markets, bank-owned sales jumped by more than 61% in both the Spartanburg and Sumter regions, which were the largest increases for the quarter, the data show.

In actual numbers, Charleston, Greenville, Columbia and Spartanburg had the most REO foreclosure sales for the quarter. Charleston had the highest average price for sales of foreclosed property at more than $142,000, and Columbia’s quarterly REO sales numbers fell by more than half from the previous year.

Bank-owned real estate sales for Q1

REO sales in South Carolina rose by more than 30% in the first quarter of 2013 compared with the first quarter of 2012. Here is a snapshot of bank-owned sales in the state’s largest metropolitan statistical areas listed by number of actual bank-owned sales.

MSA
Charleston
Greenville
Columbia
Spartanburg
Anderson
Myrtle Beach
Florence
Sumter
S.C. totals*
U.S. total

REO sales Q1
309
207
157
92
72
46
42
39
1,335
101,371

% change from 2012
+23.1%
+38%
-51%
+61.4%
-7.7%
-78.3%
+23.5%
+62.5%
+30.3%
-22.8%

Avg. price
$142,607
$108,111
$89,959
$65,450
$57,587
$117,826
$83,440
$79,380
$58,071
$147,810

*Figure includes all markets, and not just those listed above.
Source: RealtyTrac

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Comments:

Added: 30 May 2013

Banks do not know how to handle real estate! They leave it unattended for several months until the landscape dies and the house becomes stale sitting empty and abandoned. Until they make selling REO properties a priority, it will never change. They usually hire individuals who are clueless or are directed by clueless people and it only exaserbates the situation.

charlie b