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Distressed home sales in 2016 down to 14.2% in S.C.

Real Estate - Residential
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The number of distressed home and condo sales in 2016 was down in South Carolina and the United States compared to 2015, according to a year-end report from property database company Attom Data Solutions.

In the United States, 16.2% of residential properties sold last year were distressed sales, which includes bank-owned sales, short sales and foreclosure auctions sold to third-party buyers. That’s down from 18.8% in 2015 and is the lowest level since 2007, the report said.

Bank-owned sales accounted for 8% of all sales, while short sales — homes that sold for less than the combined amount of loans secured by the property — accounted for 5.5% in 2016. Just under 3% of those distressed sales were from third-party foreclosure auction sales, which don’t include properties that go back to the foreclosing lender, according to the report.

“The housing market hit several important milestones in 2016, with distressed sales at a nine-year low and home prices at a 10-year high, just barely below the pre-recession peak in 2006,” Daren Blomquist, senior vice president at Attom Data Solutions, said in the report. “This was all good news for home sellers, who realized their biggest average profits since purchase nationwide in 2016. Even distressed property sellers are benefiting from this hot seller’s market, with a record-high share of homes at foreclosure auction being purchased by third-party buyers rather than reverting back to the foreclosing bank.”

In South Carolina, 14.2% of residential properties sold last year were classified as distressed sales, which is down from 17.1% in 2015, the report said.

Bank-owned sales made up 7% of that state total, with short sales adding 4.8% and third-party foreclosure auction sales adding 2.4%. The Columbia metropolitan statistical area had the highest percentage of distressed sales at 19.1% last year, while the Greenville-Anderson-Mauldin MSA had the lowest at 12.2%, the report said.

Distressed sales data for metropolitan statistical areas in South Carolina

Location

Bank-owned
sales, ’16

Short sales, ’16

Foreclosure auction sales, ’16

Distressed
sales, ’16

Distressed sales, ’15

Columbia, S.C.

9.6%

5.9%

3.5%

19.1%

21.6%

Augusta-Richmond
County, Ga.-S.C.

8.4%

4.3%

3.4%

16.2%

18.8%

Florence, S.C.

9.5%

4.2%

2.2%

15.9%

16.6%

Myrtle Beach-Conway-
North Myrtle Beach, S.C.-N.C.

5.2%

6.1%

3.6%

14.9%

18.8%

Charlotte-Concord-
Gastonia, N.C.-S.C.

6.0%

5.0%

3.1%

14.1%

16.6%

Spartanburg, S.C.

7.3%

3.8%

3.0%

14.0%

17.0%

Charleston-
North Charleston, S.C.

4.9%

5.3%

2.4%

12.5%

14.5%

Greenville-Anderson-
Mauldin, S.C.

6.4%

4.0%

1.8%

12.2%

16.0%

Source: Attom Data Solutions

Reach Ashley Heffernan at 843-849-3144.

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