Charleston County, South Carolina: housing, foreclosures, jobs, and politics – are we better off now as compared to 2008?
RealtyTrac has published some very interesting data related to the current real estate market, foreclosures, and unemployment in Charleston County. This includes the cities of Charleston, Mount Pleasant, Folly Beach, North Charleston and Isle of Palms. RealtyTrac has various maps which show political data for each county (when available), as well as real estate, foreclosure, and unemployment statistics within that county. The results for Charleston County, South Carolina, are below.
Presidential politics, 2008 vs. now. In 2008, approximately 53.5% of Charleston County voters who voted supported President Obama and cast their votes for him. It is a possibility that a majority of voters who cast ballots this November 6 in Charleston County will do so in support of President Obama.
Foreclosure “starts”, 2008 vs. now. In 2008, approximately 8 properties in Charleston County fell into a foreclosure status. Of course, this would generally reflect that those properties began to become distressed in early 2008 or earlier. While it may not come as a complete surprise, given what we have experienced the last few years, it is still shocking to see the numbers: the number of foreclosure starts in 2012 is approximately 1,755. Of course, a certain percentage of those homeowners who have fallen into foreclosure have since come to me for help.
Average home sale price, 2008 vs. now. In 2008, the average home sale price in Charleston County was approximately $435,739. This year it has been approximately $348,334.
Percentage of residential real estate sales involving distressed properties, 2008 vs. now. For purposes of this statistic, distressed sales are considered to be properties which are in some stage of foreclosure or are owned by the bank / mortgage loan lender. In 2008, distressed sales represented 4.28% of all residential real estate sales in Charleston County. By comparison, in 2012, those types of sales represent 20.18% of the total residential real estate sales in Charleston County, South Carolina. This is an increase of 371%.
Unemployment rates in Charleston County, 2008 vs. now. In 2008, the unemployment rate in Charleston County was 6.3%. Unfortunately, it is now 7.9%. This is an increase of 25.4%.
Regardless of whom our next President is, we very much hope that the statistics contained herein look much better as we get further into the next Presidential term.
McGrath & Spielberger, PLLC provides assistance to those involved in mortgage disputes, including borrowers in need of mortgage relief services such as mortgage loan modification, foreclosure negotiation, refinancing, and deed-in-lieu or other negotiated settlement resolutions.
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