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Hilton Head Forclosures and Foreclosure Filings on the rise

More than 100 foreclosed houses for sale will be sold in several cities in the Carolinas in the last week of June, according to housing industry professionals in Charlotte and Myrtle Beach.

As unemployment and other recessionary effects continue to batter Carolina cities, foreclosure properties continue to get added to auction lists and home prices continue to decline.

In April, the average home price in cities in South and North Carolina has dropped to $148,000, a decline of 13 percent from the average price in April 2008.

In the last week of June, approximately 120 bank owned foreclosed houses for sale will be sold through the week in Charlotte, Columbia, Raleigh/Durham, Greenville, Charleston, Hilton Head Island, Myrtle Beach and Triad.

All of the foreclosed houses for sale have guaranteed title insurance already paid for. Prospective buyers who will win in the bidding will have to pay in cash or in certified check the amount of $2,500 as deposit for every bid won.

Buyers are encouraged to make their purchases now to take advantage of the low prices of foreclosed houses for sale, the first-time buyer federal tax credit and the low mortgage rates.

Based on recent real estate market data, about 45 percent of all house sales nationwide in April were foreclosed houses for sale deals and short sales. All foreclosed homes included in the auctions are sold on an as-is basis and prospective buyers are encouraged to inspect the properties before making the bids. Potential buyers can check foreclosure listing web sites to obtain more information on the properties. Properties listed and scheduled for auctions may be sold through online transactions before the scheduled auction dates.

According to a foreclosure report released this week, North Carolina’s housing market improved, with a foreclosure ratio of only one in every 1,595 housing units receiving a foreclosure notice.

On the other hand, South Carolina was 16th in the report’s ranking of state foreclosure rates for the month of May, with one house in every 654 houses receiving a foreclosure notice. Foreclosure actions in May represented a 33.91 percent increase from April filings and a significant increase of 121.17 percent from filings in May 2008.
South Carolina had 3,092 residential properties named in foreclosure actions, including 1,962 lis pendens, 341 foreclosure sale notices and 789 foreclosed houses for sale.

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