Foreclosure Deals in Myrtle Beach?

Foreclosures are making lots of news lately. Buyers and investors are sure to wonder if they are making a sound investment decision by purchasing in the Myrtle Beach area. Current homeowners wonder if their house will lose value because of increased foreclosures in the area.

These questions are valid, and I have some reports to help you decipher the foreclosure market. Each year a report is published of the top 100 Metropolitan Statistical Areas (MSA) in the US in foreclosure filings. Where does Myrtle Beach stand against other cities with regard to foreclosures? For 2007, the greater Myrtle Beach area is not ranked in the Top 100! The Detroit, MI area is ranked #1 - most likely due to the unstable automotive industry. Some South Carolina cities are ranked in the top 100 (Columbia ranked 88th, Charleston ranked 89th and Greenville ranked 100th).

For 2006, the MSA report ranted 378 cities (#1 is the worst city for foreclosure rates and #378 is the best). Myrtle Beach was ranked #366!

Foreclosures will happen in any market. You can feel secure that when you buy in the Myrtle Beach area, you are buying in one of the most stable areas in the country. We have foreclosures in our area, but they are well below the national average.

If you would like a copy of either report, please email me at Kathy@KathyRukat.com.