Foreclosure trends
... and short sale sagas.
RealtyTrac has just released the latest foreclosure report for July 2008 and not many changes once again. A little higher than last month, about double this month last year, most of the activity centered in the usual places. South Carolina and the Charleston real estate market continue to rank well (low).
As for short sales, while there are some short sale listings in the Charleston MLS, don't hurry and order the moving van if you want to buy one. From the listing of one short sale, the agent writes,
"UNAWARE OF THE POSSIBILITIES AS OF TODAY OF THE SHORT SALE POSSIBILITIES AND ALSO THE LENGTH OF TIME TO DEAL WITH THE MORTGAGE COMPANY. I DO KNOW THAT LOTS OF PATIENCE BY THE PURCHASER WILL BE REQUIRED IN ANY EVENT."
In my neighborhood, a home that has been under contract as a short sale since May has shown no movement toward closing while another home that was in foreclosure that came on the market after that has already closed and the new owners are most likely happy with the good deal they made.
While there are a few foreclosures to be found here and there in the Charleston area, you can actually buy a foreclosure in a timely manner and most likely at a very good price. A short sale however is more likely not to close but simply turn out to be be a waste of your time.
But the good news is that next year, you'll be able to buy it as a foreclosure. 