Charleston, SC Real Estate Market Update December 13th, 2010

Dec 14th 2010

Posted By: Brian Beatty @ 8:10am In: Market Update

The latest statistics show a reasonably stable market trend given the Holidays, although inventory is no longer falling.

605 homes sold in November. (final number) This is a bit low considering November 2009 we closed 867 homes.
1760 are pending (under contract)
8817 are currently for sale.

CNBC recently reported on Bank of America and it's level of Foreclosure activity, which I thought I would share. Given the fact that one is seven mortgages in America is serviced by B of A, and they are reporting that 1.2 million of their 14 million loans are presently delinquent, I was alarmed. If you extrapolate those factors based on "market averages/assumptions" that would estimate that Bank of America alone, has some 3,000 +/- homes facing foreclosure in Charleston. That's just one bank! More alarming is that 198,000 home loans serviced by B of A are delinquent by at least two years (no payments by the owner in two years).

While the report admitted that B of A's portfolio was notably worse than most other large servicers of mortgages, the implications of the foregoing numbers must humble us as we approach 2011, that, even in an economy that may be show some moderate signs of life, real estate simply has too much going on in the background to estimate a recovery date. We have a lot of major headwinds (some might say, "Thunderstorms") remaining and it will take a while still before we can really see a true recovery to our local Charleston, SC Real Estate market.

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