If shrinking inventory and dropping sales prices are any indicator, Charleston, South Carolina is about to follow suit of housing markets such as Miami, Washington DC and Las Vegas, that have turned around in recent months. Homes available for sale in Charleston have dropped nearly 10 percent in the last month compared to a year ago.

The Charleston Trident Association of Realtors reported its inventory has dropped more than 1,000 units in April to just over 10,000 houses on the market. In addition, median sales prices have leveled at around $180,000 for the area.

The inventory may drop even more in the coming months as "South Carolina's highest court -- temporarily stopped thousands of pending foreclosure sales in the state to give homeowners more time to take advantage of a new federal program to help them refinance mortgages,” according to a report in the Charleston Daily Mail.

"The injunction, which mortgage experts said appeared to be the nation's first court-ordered stop for an entire state, prevents judges in South Carolina from finalizing foreclosure sales on properties guaranteed by Freddie Mac, Fannie Mae or any other mortgage company that has signed on to a federal assistance program.,” the Mail reported.

RealtyTrac.com reports the ruling could affect as many as 5,000 South Carolina homeowners currently facing foreclosure proceedings.

Published: May 29, 2009

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