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20% of sales, not 20% of the houses (most of which aren't for sale)
That's what I said, "I seriously doubt 20% of all sales in 2010 have been foreclosures." Honestly, the math just doesn't add up. The foreclosure rate in Greenville County is about 1 in 389 houses, while Greenville city is about 1 in 526. That's the May 2010 data. 1,361 homes sold in 1st quarter (per the MLS), so 20% would be 272 foreclosure sales in 1st quarter. Again, 20% just seems like WAY too high of a percentage.
Just to give you an idea, there are only 16 HUD foreclosures, 105 Fannie Mae foreclosures, and 43 Freddie Mac foreclosures currently available in Greenville County. That 20% figure would make the absorption rate like 1 month. Compare that to the overall absorption rate for Greater Greenville of about 7.2 months.
Glad to see those foreclosures are getting off the market, but I seriously doubt 20% of all sales in 2010 have been foreclosures. In May 2010, only .257% (yes, a quarter of 1%) of homes in Greenville County received a foreclosure filing.
One in five homes sold in South Carolina in the first three months of 2010 was a foreclosure, and buyers got an average discount of 21 percent on them, according to a report released today.
Horry, Charleston and Greenville counties also hovered in the 20 percent range, with discounts ranging from 20 percent to 36 percent.
Read more: One in five homes sold in S.C. in foreclosure - Business - TheState.com (http://www.thestate.com/2010/06/30/1356897/one-in-five-homes-sold-in-sc-in.html#ixzz0sXB6jHEy - broken link)
One in five homes sold in South Carolina in the first three months of 2010 was a foreclosure, and buyers got an average discount of 21 percent on them, according to a report released today.
Horry, Charleston and Greenville counties also hovered in the 20 percent range, with discounts ranging from 20 percent to 36 percent.
Read more: One in five homes sold in S.C. in foreclosure - Business - TheState.com (http://www.thestate.com/2010/06/30/1356897/one-in-five-homes-sold-in-sc-in.html#ixzz0sXB6jHEy - broken link)
That's interesting, and they do give the number 303 sales in Greenville County. That's just amazing to me. But, I'm still glad the foreclosures are getting off the market and quickly.
First bank regulations were relaxed and almost anyone could offer a mortgage.
De-regulation doesn't seem to work too well in this country.
Glad to see Gman-340 post some "doom" for a change. If all of those unemployed are truly cut off from benefits we are going to have a big problem if something doesn't give somewhere. As long as wallets are closed tight more jobs will be lost. Payrolls decreased by 125,000 yet unemployment rate went down; that isn't right!
To keep this Greenville related; I am still looking for a full-time job in Greenville but I am doing pretty good with my freelance business which isn't Greenville based other than the fact that my couch, where I do most of my work, is in Greenville County.
If you want to keep this local, then please resisit the tempatation to inject political rhetoric.
There is much blame to go around. We have beat that one to the point of nausea. However, this mess was created by politicians. It's hard not to inject political rhetoric, if that is what you wish to call it.
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