Charleston foreclosure profile by price range and year built
Here is something you might find interesting, a look at Charleston foreclosures currently for sale profiled by price range and year built.
There are currently 266 homes indicated to be lender owned homes currently listed for sale in the Charleston MLS. Because lender owned is an optional field, there are more than that, probably closer to 800 to 900 but more than likely, the same trends will hold as far as price range and year built.
Most of the homes are being offered for less than $250,000 and that isn't surprising because approximately 75 percent of all homes in Charleston sell for less than $300,000. But foreclosures have reached across all price ranges and there are lender owned homes selling for more than $1 million.
Now how about the year built.
What might surprise you is that a lot of homes built in the 1980's are now lender owned but not that many from the 1990's. And the reason for that is that Charleston wasn't very a fast growing metropolitan area during the 1990's partially due to the closing of the old Charleston Naval Yard and don't forget the last big housing bust was in the early 1990's due to the Savings and Loan Scandal.
But not surprising at all is a look at the 2000's when the credit bubble provided easy money allowing many people to buy homes for little to nothing down and then when the economy turned south and some people lost their jobs, they lost their homes as well. But take particular notice of 2006 and 2007 and you can pinpoint the peak of the market.
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