We are all asking the question "Where is the bottom of the real estate market in Myrtle Beach?" Almost every day I seem to get conflicting information. About a year and a half ago the majority of my clients thought we had reached the bottom of the real estate cycle. But of course, we then learned about all of the bad loans made at the height of the ocean front condo market. What started a year and half ago as just a handful of foreclosure's has SKY ROCKETED into 100's of property's being sold at the County Courthouse foreclosure auction, short sales, and REO's. (Real Estate Owned by banks listed on the MLS.)
This latest update shows record low mortgage interest rates but buyers are still not buying. New mortgages fell recently. This could be a sign that investors can take advantage of. Cash is king in the foreclosure market on the ocean front because while not impossible, it can be challenging to find.
While we can't predict the future, I do know that recently a new Judge was added to the County Courthouse to deal exclusively with the backlog of foreclosed properties so I expect to see those numbers rise in the next few months. I also monitor the number of new pre-foreclosure notices (the first notice a foreclosing lender must give that is recorded) and those numbers seem to be falling. If those new notices continue to fall in number, that could be a sign that we are at the bottom or very close to it. Heck, if I knew where the bottom was WE WOULD ALL BE RICH!
To see my opinion of the current best deals in Myrtle Beach, SC, visit my website and send me an email telling me what your interest is.
Susie Axt
Broker
Certified Resort and Second Homes Property Expert in Myrtle Beach, SC
http://www.myrtlebeachdreaming.com
mailto:susie@myrtlebeachdreaming.com
housing Market Insight – July 12th Edition
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