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
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