Foreclosure Statistics

Hi Everyone,

I just wanted to share the latest real estate pricing statistics for Myrtle Beach, SC.

As you can see, Myrtle Beach home prices are still falling. Home prices dropped 13.9% compared to this time last year, but only 1.1% from a month before, and only 3.2% from last quarter. So What does all that mean? That the rate in which prices are dropping is slowly decreasing over time. That is the first sign of hitting the "bottom" of the market. For some areas, like Briacliffe near Barefoot Resort, and Surfside Beach, the prices are actually starting to come up again. If were are not at the bottom now, we will be very soon, which means prices will start to creep up.

This next graph shows the percentage of home sales in a given month in Myrtle Beach where the home was foreclosed upon within the previous 12 months (e.g. sales of bank-owned homes after the bank repossessed a home during a foreclosure).

As you can see, compared to earlier this year, when 26.2% of all foreclosures were resold, we are down considerably to 15.87% at the end of August. In December, we should be under 15%. What this tells you is that we are seeing less and less people go into foreclosure, thus less and less are coming onto the market. You can see proof of this in my previous post from today(http://distressedproperties-myrtlebeach.blogspot.com/2011/01/surge-in-bankruptcies-shows-signs-of.html).

Of course there are still so many foreclosures that we will still have plenty to sell for the foreseeable future, but the fact that they are being reduced in number is a very positive sign for the real estate market as a whole.