Just some info on Myrtle Beach foreclosures

Like much of the country, Myrtle Beach, SC has had an unpredictable housing market over the past few years. Prices in that city swelled to all-time highs in 2005 and 2006, but eventually fell off considerably in 2008 and 2009. Due to the many luxury beachside residences in Myrtle Beach, the housing prices were even more affected. While the median housing price in Myrtle Beach in 2004 was just about $150,000, the price swelled to nearly $250,000 by the end of 2006. Since then, the median housing price in Myrtle Beach has fallen back to around $150,000. While housing prices across the country have fallen, Myrtle Beach foreclosures have hurt the housing market in this South Carolina city.

While Myrtle Beach foreclosures are above the national average, they are not nearly as rampant as other areas in the country, such as southern Florida, southern California, Arizona, and Nevada. Overall in Myrtle Beach, one in about 700 household received a foreclosure notice in February 2010. The foreclosure rate in Myrtle Beach seems to vary significantly by the area of the city. The foreclosure rate is the worst in the zip code of 29579. In zip code 29579, the foreclosure rate is around one in every 342 properties.

Overall, Myrtle Beach foreclosures account for about 980 homes on the market. As mentioned earlier, the foreclosures in Myrtle Beach have been driving down the median sales price in the city. Of the 980 homes going through the foreclosure process in the city, the median asking price is around $102,000. This is significantly lower than the median price overall in the city.

While the foreclosure rate in Myrtle Beach has been higher than the national average, it appears that the rate of foreclosure and the median sales price in the state are beginning to level out. The median sales price in Myrtle Beach has remained relatively consistent for the past few quarters. As the economy continues to improve and banks loosen their underwriting standards, it is conceivable that the median sales price in the city will actually improve and the rate of foreclosure will begin to decrease.