A new CNN poll found Myrtle Beach ranks 89th in the country for foreclosed homes. Certainly, not the best news if you're a seller or distressed homeowner.
Nationwide, 2009 closed out with three million homes hit with foreclosure notices. RealtyTrac reported nationwide, foreclosures hit 21 percent. Along with Myrtle Beach’s ranking of 89th nationwide, foreclosures increased 280 percent for the last year.
Local real estate broker Rod Smith said you need to be weary of local versus national numbers. He said the grand strand averages about 300 foreclosed units a month. "They were down 7 percent in January from December and they were down another 4 percent in Jan,” said Smith. “So actually in the past 90 days, we've seen the foreclosure rate come down 11 percent."
The largest segment of foreclosures is along the Grand Strand is investment property. "Only about 30% of the foreclosures are owner-occupied homes,” said Smith. “The other 70% are second home/slash investors. So, they're getting hit the hardest."
Smith said if you hope to sell to avoid foreclosure, price is king. Make sure your price equals what the new-era buyer is willing to pay. If you want to buy, it's the perfect time with historically-low interest rates and an abundance of property.
An important note is to watch out for scammers. The key when it comes to foreclosures is to use a licensed realtor or work through a bank. They can walk you through the necessary steps and paperwork.
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