Lake Charleston homes in foreclosure

As of May 25th, there are 192 Lake Charleston homes in some stage of foreclosure.

Below is a breakdown by street, alphabetically:

• Anadale-3
• Ansley-2
• Anson-1
• Ashley Shores-10
• Atwood-1
• Audrey-2
• Barrier Reef-1
• Belmont-2
• Big Pine-3
• Briar Cliff-5
• Bristol Bay-2
• Brunson-4
• Bryson-1
• Burgess-9
• Catalina Way-3
• Catalina Club-1
• Catalina Isle-3
• Cedar Hurst-5
• Charleston Point-5
• Chicora-1
• Coppitt Key-1
• Coral Reef-3
• Crawl Key-1
• Davit-4
• Duncrest-1
• Edisto-5
• Forestay-1
• Geneva Lakes-1
• Gilmour-1
• Hatteras-1
• Heathley-2
• Heavener-1
• Highsmith-1
• Hoffy-3
• Hollington-2
• Key Largo-1
• La Rose-3
• Lake Placid-1
• Lakewood Cove-7
• Long Key-3
• Michigan Isle-4
• Nolting-2
• Oakboro-10
• Oakshire-1
• Pierpont-3
• Pigeon Key-2
• Prescott-5
• Red Reef-4
• Rockbridge-4
• Santee-5
• Shell Ridge-4
• Springfield Lake-10
• Sugarloaf Key-3
• Taylorwood-1
• Thornlee-5
• Tillman-2
• Torch Key-7
• Trenton-3
• Trescott-2
• Wescott-5
• Winder-2

If you would like to discuss any particular foreclsoure or the current state of the market in general, please call or email me. Andt hanks for reading our blog!

Steve Jackson

Falling home prices raise fears of new bottom - Yahoo! News

 

Tax credits and historically low mortgage rates have failed to lift home prices so far this year. Prices fell 0.5 percent in March from February, according to the Standard & Poor's/Case-Shiller 20-city index released Tuesday .

The co-creator of the Case-Shiller index, who predicted in 2005 that the housing bubble would burst, is raising concerns that the worst may be ahead. That fear is shared by other economists who point to weak job growth, tight credit and many more foreclosures ahead.

"I'm worried still about the risk of a double-dip," economist Robert Shiller said in an interview.

The month-to-month drop from February to March marked the sixth straight decline. Prices in 13 of the cities fell. Only six metro areas recorded price gains. One, Boston, came in flat.

In the first quarter of 2010, U.S. home prices fell 3.2 percent compared with the fourth quarter.

Falling home prices raise fears of new bottom - Yahoo! News

Short Sale Myths De-Bunked


RISMEDIA, May 13, 2010—With short sales making up almost 35% of home sales in March and the country with a national foreclosure problem, I Short Sale, Inc., one of the largest short sale firms in the U.S., sets the record straight on common short sale myths.

1. You must be default on your mortgage to negotiate a short sale. Short sales are not a function of default status on a mortgage. They are the result of the bank mitigating a potential default situation that, in the long run, will cost more money to the investors. We have completed many short sales in instances when the borrower was not in a default situation.

2. Listing my home as a short sale is embarrassing. Anytime we get ourselves into a tough financial situation it can cause some embarrassing feelings. It is important to remember that those feelings will not help us get back onto stable financial ground. We need to overcome our feelings and do what is right to protect our financial futures.

3. Buyers aren't interested in short sale properties. Short Sale properties are often times available at a competitive price to other properties on the market. In many cases, short sale properties are very well cared for and have not had to endure the deferred maintenance of a REO property. Short Sale properties are in great demand in the marketplace.

4. There's not enough time to negotiate a short sale before foreclosure. A good negotiator takes into account the timeline affiliated with a foreclosure. There is always a chance that a short sale can be negotiated. However, the only way to know for sure is to try.

5. The bank would rather foreclose than complete a short sale. Banks do not want to foreclose on property. It is expensive and carries a high level of liability once the bank owns that property as an REO. Wherever possible, banks are seeking other loss mitigation options before foreclosure.

6. Short sales are impossible and never get approved. Short sales are complicated, but not impossible. We negotiate short sale approvals every day.

Lake Charleston market activity...on the market

There are currently 19 homes on the market in Lake Charleston.

They range in price from $140k on Burgess, to $370k on Thornlee.

6 are being marketed as short sales.
2 are bank-owned sales

The asking price per sq ft ranges from $94 to $148

The days on the market range from 5 to 659 (for the $370k home)


Below is the asking price distribution