Myrtle Beach Foreclosure Market - 843, Realtor
According to a February 2012 Wall Street Wire, South Carolina ranks 9th in the Country in Foreclosures. Leading the Nation is Florida, New Jersey Illinois, Nevada, New York, Maine, Connecticut and Hawaii.
9. South Carolina
> 2011 foreclosure rate: 3.7%
> December, 2011 unemployment: 9.5% (9th highest)
> Home price change (2006Q3-2011Q3): -10.2% (29th largest decline)
> Processing period: 150 days
Homes in South Carolina lost 12.5% of their value over the past three years, with home prices falling 4.6% in 2011 alone. At the end of 2010, 10.9% of the state’s labor force was jobless. While the unemployment rate fell to 9.5% by December 2011, it is still one of the highest rates in the U.S. Over the past 12 months, 6.7% of mortgages in the state were delinquent for 90 days or more on payments, and 3.7% of mortgaged homes were in foreclosure in 2011.
While people need to understand that Real Estate numbers vary in each part of the State. Some Counties have better sales than other parts of the State. Some recent 2012 sales data for Horry and Georgetown County are showing a positive trend. Some of our local real estate data is supplied by a local data management company Sitetech.
"We continue to see stabilization in Single Family Residential (SFR). December marked the seventh straight month of inventory reduction. Condo inventory is also declining, from December, 2010 levels. The sale of Single Family Residences (SFR) is up from January, 2011. This is the best January sales performance since 2007. The median sales price has increased in both Horry and Georgetown Counties with the exception of homes over one million dollars in Georgetown County and five hundred thousand dollar homes in Horry County."
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