foreclosures in myrtle beach: The Best, Worst, and Most Annoying Foreclosures

Myrtle Beach Foreclosures For Sale & Myrtle Beach SC Real Estate Search

This past financial year, as many of us anticipated, the real estate market crashed, but don’t worry—the economy is back and stronger than ever and the housing market is rebounding and the foreclosure rate has fallen to its lowest level in a decade; the good news continues to continue: foreclosed homes are back on the market at an incredible pace and for the third consecutive year, the number of foreclosed homes has been higher than first reported in late 2015. 

The number of foreclosures in myrtle beach reached an all-time high last year for a variety of factors; In comparison to historical trends, foreclosure activity is still very low; many properties have already been repossessed, and some properties were just not ready to be returned to private ownership.

The Myth of Real Growth

The real growth myth, like so many other concerns and media distractions, has become a reality, it’s easy to misinterpret data and make all kinds of wild assumptions about the status of the real estate market; however, the evidence is extremely telling. 

As previously stated, the top five years for the number of homes sold were: This increase is not just due to increased home ownership and access to homeownership, it’s also because more people can make ends meet in the face of rising costs and put it another way, the ordinary person currently earns more than they did a decade ago.

Stagnation and Over-Construction

Construction has also played an important role in the real estate market’s expansion, between now and 2020, the National Association of Home Builders NASH predicts a 29 percent rise in new home development compared to 2018; new construction is an important aspect of the real estate market, and it has been a source of foreclosure issues.

Already parked residences

In the real estate market, homes that have already been parked are common. In reality, over one-fifth or 19%of all homes for sale in the United States are already registered as being in a park- these are usually single-family residences that do not require any expansions or renovations and if the owners wish to bring the house back to life, they would most likely require extensive and costly modifications and this is why you should never buy a house whose name includes a map- a simple Google search will reveal a plethora of listings with no explanation.

The Rise of Refinancing

The FTC approved the first-ever re-prime of a home in late October, which means that a homeowner can refinance his or her house at a lower interest rate and still get a better interest loan than they would normally get; the deal is that the homeowner takes out a special loan from a company that specializes in refinancing existing homes.

Foreclosure in the Future

The housing market is still rebounding from the Great Recession, and there is still more work to be done; the foreclosure rate remains high, and it is anticipated to rise further and in so many circumstances, there is a tried-and-true technique for resolving the foreclosure issue. 

Starting with a quality house and a lot of preparation is the best way to go- this can be accomplished by an outside-in approach and if you’re planning big improvements, you should consider drawing out a foundation, setting out the land, and laying out the building plan.

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