South Carolina: Foreclosures equal a buyer's market

Carolina Foreclosure & Real Estate News

By Michelle Carolla

Foreclosures continue to plaque most every area of the county. Experts said foreclosures in the third quarter jumped 100% from the same time last year. In many large cities, real estate reports show more double digit losses in home values are expected this year while some markets may stabilize.

However, locally, the market isn't feeling the same foreclosure crunch thanks to investors and fewer high-risk loans. Investors play a large role in real estate along the Grand Strand. Nearly 70 percent of the local real estate market belongs to investors. During the big sales push two years ago, they bought high but only put in about 10 percent of their own money. When the market turned, they walked away, leaving a lot of unsold property. Now, prices are falling.

Tom Maeser is a local real estate analyst. “The median and average prices are starting to come down,” said Maeser. “It's unusual that we didn't see that before, but you have to have that before you're going to get a recovery." Maeser said he expects that recovery soon.

"I think in another six months we'll be in a correcting mode towards the end of summer and be back to a more normal market."

The new Market Common on the old Air Force Base is helping to push the market forward. Homes are selling out. Larry Wilson is a real estate agent at one of the properties in Market Common. He said out of the three phases he is selling, one is sold out, one has 4 units left and another is 40% sold. "We have a lot of people coming through our models,” said Wilson. “We can have as many as 150-200 in a model on a Saturday or Sunday."

Some people still face foreclosure though. There are things you can do if you're in that situation. Here are a few suggestions from msn.com:

• Analyze your budget and create a spending plan to see what you can trim. This will give you more money to put toward your budget.
• You may need professional help. There are legitimate credit counseling companies to help you.
• Refinance options are available. Mortgages are getting harder to secure so you'll need to shop around.
• Check with your lender for payment options. They may reduce or even waive your payments temporarily.

Reports state the down market surpassed the recession in the early 90's. However, during the past 18 months, nearly 3000 residential properties sold locally.

 

Article Source