Midyear foreclosures up across state's MSAs
http://www.charlestonbusiness.com/news/35295-midyear-foreclosures-up-across-state-rsquo-s-msas
June home sales up 25% across South Carolina
http://www.scbizmag.com/content/view/137781/1/
Yes, home sales are up year-to-date over last year for the same time period and month; however, I am concerned for two reasons.
1 - Foreclosures are still on the rise. This will not improve until the homeowners see a financial way out. Unfortunately that will not happen until jobs are created and unemployment starts to drop.
2 - The home sales' numbers are inflated due to the expiring tax credit. What will the second half of 2010 hold for the real estate market?
Without the tax credit, I am concerned home sales will drop. I have said repeatedly this does not mean bad news. It means the real estate market is adjusting to the year over year trend of the last few years and will show a leveling out and small increase in some markets.
Overall I am optimistic about the economic and real estate outlook of South Carolina. A few things need to fall into place, and some of the pieces are landing softly where they need to.
Below are three articles to illustrate the positive business/job/economy related news for the Palmetto State:
Regional distribution centers create economic leverage - http://www.charlestonbusiness.com/news/34959-regional-distribution-centers-create-economic-leverage?rss=0
Germany's ZF Group to invest $350 million in Laurens County - http://www.scbizmag.com/content/view/137764/1/
Bosch hiring in Anderson - http://www.scbizmag.com/content/view/137752/1/
Aaron
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