Distressed home sales fall across the state

The number of homes classified as "distressed" that were sold in the state during the second quarter of 2011 dropped by more than 17 percent compared to the same quarter in 2010.

RealtyTrac defines "distressed" as homes that are in foreclosure, but the foreclosure proceeding has not yet been completed. Distressed properties generally sell for less than the prevailing market.

In Greenville, the number of distressed sales totaled 416, a decrease of 5 percent. Distressed sales totaled 22 percent of all sales. The average discount compared to the prevailing market was 33 percent. In Spartanburg, the number of distress sales totaled 148, a decrease of 1 percent. Distressed sales totaled 21 percent of all sales. The average discount was 28 percent. In Anderson, the number of distressed sales totaled 88, an increase of 13 percent. Distressed sales totaled 16 percent of all sales. The average discount was 33 percent.

Read the entire report at GSA Business by clicking here.