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Foreclosure crisis yet to hit South Carolina

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Education & Training with SuccessfulRental.com, Bluewater Property Management, LLC and Lowcountry Turnkey Properties, LLC

Lowcountry MSA posts highest number of foreclosures across S.C.

http://www.charlestonbusiness.com/news/34612-lowcountry-msa-posts-highest-number-of-foreclosures-across-s-c

South Carolina has definitely had a problem with foreclosures over the last few years; however, we have not experienced the crisis many other places have. 

Greenville's real estate market has faired rather well through the last few years.  They have even seen an increase in value at times when the rest of the state saw a decrease in values.

The key to Greenville's real estate market fortitude is their job base and location.  Although other MSAs cannot change their locations, they need to focus on job creation.  Everyone already knows this, and it is easier said than done.

Charleston is working on it.  Boeing has started to hire, and we will hopefully start to feel the impact from it before the ende of the year.  Maybe we can head off the pending foreclosure crisis looming over us. 

Other parts of South Carolina do not have the business we have coming to town, so the picture is bleaker.  Once business picks up in Charleston, it will trickle to the surrounding area; however, I do not think it will prevent the backlog of pre-foreclosures from proceeding through the process.

I am cautiously optimistic about Charleston's real estate future in the next 6-10 months; however, I think the smaller communities of our state will continue to struggle for at least a year.

Aaron

Comments (6)

Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Every market is different and Maine has not been the poster child for foreclosures, repos. Why? Mortgage are so small and easy to handle or non-existent.

Jun 12, 2010 01:22 AM
Olympus Executive Realty Inc.
Olympus Executive Realty INC. - Orlando, FL
Home Of The Top Producers

How about the term, shadow inventory, Is that an issue are you aware of it. Banks foreclose but do nothing with the home, they are just allowed to sit there for along term, before they are brought to the market.

Jun 12, 2010 01:51 AM
Carra Riley & Declan Kenyon
Brokers Guild Cherry Creek Ltd - Westminster, CO
Helping people Transition at all ages!

Aaron...Again area makes a huge difference in the number of foreclosures - but I think we are still in for a long haul, nationwide, dealing with the continuing foreclosure/short sale issue.

cosmic cow

Jun 12, 2010 04:53 AM
Aaron Silverman
SuccessfulRental.com, Bluewater Property Management, LLC and Lowcountry Turnkey Properties, LLC - Charleston, SC
Improving Real Estate Experience through Education

Andrew, that is great for your market.  With all of the free and clear homes, there are a lot of situations for creative financing options. 

Vick, I have not heard of that term before.  I wonder if banks are doing that to prevent even more over-saturation of the market.  I would think the banks want to move the home over their books as soon as possible. 

Carra, as I commented on the other post.  I know real estate is local.  That is why the blog is about SC and specific MSAs.  Nationally though banks have already started to clear the back of delinquencies.  It will take them some time to do this; however, it will cause more foreclosures as they do.

Aaron

Jun 12, 2010 07:38 PM
Margaret Woda
Long & Foster Real Estate, Inc. - Crofton, MD
Maryland Real Estate & Military Relocation

Stable employment is "key" to any housing market.  Here in the DC-Baltimore suburbs I don't think we've ever experienced the same degree of ups and downs that other areas have.  You'd think the Feds would make that observation, wouldn't you, and work a little harder on employment than hand-outs. 

Jun 14, 2010 12:30 AM
Aaron Silverman
SuccessfulRental.com, Bluewater Property Management, LLC and Lowcountry Turnkey Properties, LLC - Charleston, SC
Improving Real Estate Experience through Education

Completely agree Margaret.  I am not sure how they overlook such a simple and basic fact. 

Jun 14, 2010 06:05 PM