I saw this article on CNN Money today entitled “Homes About to Get Much Cheaper” with drastic falls in prices predicted for the majority of 381 Metro Areas. My heart sank for home sellers. I know so many people who absolutely need to sell their homes and if prices were slated to fall much further, buyers would wait on the sidelines and most sellers would be forced into short sale or even foreclosure.
And then I investigated further. According to Fiserv, it looks like the Charleston Metro Area is one of only 33 expected to actually post gains in home prices in 2010.
Imagine that!!! I have been saying I thought this winter might be the bottom in Charleston – perhaps my prediction is true? I do worry about the rising number of foreclosures everywhere affecting the market – it’s nearly impossible to tell how many are still out there unreported – but those Fiserv predictions give me a glimmer of hope that we are on our way to good ole boring Normal.
P.S. Currently there are 18 pre-foreclosures downtown, 7 of which are condos. Two of the homes on the list however, have recently been sold. There are 4 properties coming up for auction and 3 that are bank-owned.