Like most other states, South Carolina's foreclosure market is currently booming, and it's drawing a lot of attention from potential homebuyers and real estate investors. While they're getting a lot of negative attention in the press, foreclosed homes are quickly becoming renowned in real estate circles as great values for investment, since they can be purchased at discount prices. As a result, foreclosure auctions in South Carolina are seeing higher attendance, and there is heightened interest in bank owned properties and all kinds of other foreclosure homes as well.
Foreclosures are the result of a homeowner's default on their home mortgage loan. When a default occurs, the lender will seek to collect the remaining loan debt owed by repossessing and selling the property through a public sale. At this point, the property becomes a foreclosure home.
Instances of forclosures have increased greatly in South Carolina in recent years. While normally the turf of real estate professionals and in the know investors, house foreclosures now attract a much wider audience of buyers, thanks to the fact that they often sell for anywhere from 10 to 50% off their actual value, simply because they are sold as foreclosures.
Buyers all over the state are flocking to sales in record numbers, statistics indicate, and as more foreclosure listings come onto the market, prices are being driven ever lower. Keep an eye on this trend in South Carolina, as it may affect the market there.