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Distressed Home List Contributed to Higher Sales in Myrtle Beach

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By : John Cutts    99 or more times read
The South Carolina beach town of Myrtle showed an increase in condominium sales of over 70% during the period April 1, 2009 to April 1, 2010. The high increase in the resort town’s home sales for the period seems to be a good sign for the area, but majority of these sales were related to distressed home list.

According to local reports, majority of the over seventy percent increase in home sales are short sales and house foreclosure. The reports also stated that without the repossessed and distressed residential property market, house foreclosure auctions or sales of homes at the resort town for 2010 will be significantly lower than the previous year.

Real estate analysts stated that the trend of residential property sales being dominated by repossessed homes and other distressed properties will not likely change in Myrtle Beach in the coming months.

This prediction is being supported by the recently released year-to-year data. According to report details, more than one-fourth of houses sold in the resort town were bank owned foreclosure houses or homes wherein owners were allowed by banks to sell for significantly less than their original mortgage values.

Furthermore, local data showed that over 10% of single family houses and condominiums available for sale in Myrtle Beach fall under the distressed home list category. Market analysts do not expect prices of residential properties in the town to recover until the distressed property market inventory has been cleared out.

Despite the high number of distressed and repossessed homes in the resort city, the state of South Carolina remains outside of the top ten list of states in the U.S. with the highest rates of foreclosures for the first quarter of 2010.

Property market observers are optimistic that once the distressed property levels in the city and in the bigger South Carolina state market is lowered, the town and the state as a whole will start making headway towards a recovery.

The distressed home list in Myrtle Beach, South Carolina has contributed largely to the percentage of home sales recorded by the area during the year-on-year period that ended April 2010. Market analysts are predicting that this trend will continue for the rest of the year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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