Do you believe it? Is it the end as we know it for Myrtle Beach real estate? What does that mean to us? Are we in bad shape in this area compared to the rest of the country? Maybe our building spurts 5-8 years ago taught us a lesson? Too many properties to go around? Am I being too dramatic?
The CNN article on Myrtle Beach says we had a 44% increase in foreclosures in 2010. (After a 446% increase in 2009.) I'm no math wiz, but that is a fairly large number. It attributes the increase to the recession. Makes sense. Recession = people spending money = people go on vacation less = less money coming into myrtle beach = businesses losing money = businesses laying off employees = unemployed cannot find work = unemployed behind on mortgate payments = house or condo foreclosed on.
Factor in that a fairly good percentage of Myrtle Beach real estate here are "second homes" either to rent or live in on occasion and that is a recipe for disaster. The investment properties are the ones that are hit hard, according to the Chamber of Commerce president.
Being in the real estate business, we see all ends of the spectrum. Those who honestly tried to keep their homes and those who are sucked into a short sale. We try to help as much as we can with the sellers, while there are buyers out there are trying to scoop up these foreclosure properties.
JUST IN CASE anyone is looking for a list of foreclosures, CondoLux has a list of short sales and foreclosures (condos and residential) that are updated every couple weeks. Pulled straight from the local MLS system in an easy to read PDF format.