Charleston foreclosure activity on the rise
There are a lot of foreclosures for sale in Charleston, seemingly more every day. But a little perspective is in order.
According to RealtyTrac, Charleston is ranked 48th of all metropolitan areas covered. Here are the totals for last year:
7900 properties, 2.74 percent of all housing units, 1 foreclosure for every 36 housing units, up 27.46 percent from 2009 and up a whopping 125.65 percent from 2008.
Compare that to the national numbers, 2.23 percent of all housing units, 1 foreclosure for every 45 homes, up 1.67 percent from 2009 and up 23.23 percent from 2008.
So while activity slowed a little bit in 2010, some of it was due to the foreclosure freeze brought upon by the banks own sloppy paperwork and activity in Charleston got started a little slower than other parts of the country due to being a judicial foreclosure state.
I personally have listing alerts sent to me daily to track foreclosures for sale in Charleston and I'd be happy to set them up for you as well. You'll find it is much more up to date than the foreclosure lists being offered at most real estate offices. Or you can do it yourself and search for lender owned homes by price range.
Take a look at the chart above and you'll notice that 6 states including California, Florida, Arizona, Michigan, Texas and Nevada comprise almost half of all foreclosures in the country with the balance split among the remaining 44 states. And take a look at the chart below and you'll see that the top 10 metro areas are all located in those same places.
