Foreclosure numbers in South Carolina still rank much lower than many areas of the country. The highest percentages were posted in Las Vegas-Paradise, Nev., at 12.04%, and Cape Coral-Fort Myers, Fla., at 11.87%. The MSA with the lowest percentage rate of foreclosure filings in the U.S. for 2009 was Burlington, Vt., at 0.05%.
Foreclosures have been a lagging indicator with the bursting of the housing bubble in a recession wracked by mortgage-backed securities. Myrtle Beach-Conway has a low 1.61% percentage rate of foreclosure filings in the U.S. for 2009 compared to the rest of the nation. One reason these numbers may be lower is many people with mortgages that are higher than the value of their property have opted to do a Myrtle Beach Short Sale.
Housing numbers in all areas of South Carolina - as in many areas of the nation - picked up with the extension and expansion of the federal homebuyer tax credits.
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