Myrtle Beach Real Estate Market News
Review of 2011
The economy grew, mortgage interest rates went into the 3% range, and real estate sales were higher than expected. Overall things were not too bad as we ended 2011. More foreclosures are expected to hit during 2012 unless lenders actually work with their home owners. If foreclosures slow to a point where they are not bringing down the value of other homes we should see some major improvement in the real estate market for 2012.
October 2011 NEWS - Economy Grows 2.5%
Economy grows 2.5% during July, August, and September 2011 (3rd Quarter). Growth is still slow but recession fears have eased and during October 2011 mortgage applications rose 4.9%.
Myrtle Beach Real Estate Market 2011 Statistics
The average Listing Price for Residential during 2011 was $226,012 and the average Selling Price was $209,104 giving a Sale Price / List Price Ratio of 92.52%. The average List Price of homes that did not sell was $301,152. Homes that sold spent an average of 188 Days On the Market (DOM).
The average Listing Price for Condos during 2011 was $146,194 and the average Selling Price was $136,551 giving a Sale Price / List Price Ratio of 93.40%. The average List Price of condos that did not sell was $184,776. Condos that sold spent an average of 201 DOM.
The Wall Street Journal, MarketWatch.com (The Wall Street Journal's online blog) and Forbes
October 2011 - The Wall Street Journal published an article October 15, 2011 It's Time to Buy That House, MarketWatch.com told readers" "Now could be the best time in history to buy a house." Forbes.com told their subscribers that a Capital Economics report stated: "The previous declines in house prices and the more recent drop in mortgage rates to record lowes have created an unusual situation in which the median monthly mortgage payment is more or less the same as the median rental payment." Since Myrtle Beach, South Carolina and the surrounding areas of The Grand Strand have consistently been, and are again, some of the best values available for real estate you may not want to wait and miss your chance to own.
Are Banks Hurting Our Economy?
Since banks and mortgage lenders played a major part in the real estate boom because of their lending binge why are they now not making mortgage loans to people who clearly qualify? We bailed them out from what was their mistake but now their greed has taken over yet again. Banks and mortgage lenders need to wake-up before they do any more damage to our economy. To read more visit my blog Banks Hurt Home Sales
Home Sales Down But Expected To Rise During Second Half Of This Year
Part of an article from the National Association of Realtors®
Washington, DC, June 21, 2011
Existing-home sales were down in May as temporary factors and financing problems weighed on the market, according to the National Association of Realtors®.
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 3.8 percent to a seasonally adjusted annual rate of 4.81 million in May from a downwardly revised 5.00 million in April, and are 15.3 percent below a 5.68 million pace in May 2010 when sales were surging to beat the deadline for the home buyer tax credit.
Lawrence Yun, NAR chief economist, said temporary factors held back the market in May, as implied from prior data on contract signings. “Spiking gasoline prices along with widespread severe weather hurt house shopping in April, leading to soft figures for actual closings in May,” he said. “Current housing market activity indicates a very slow pace of broader economic activity, but recent reversals in oil prices are likely to mitigate the impact going forward. The pace of sales activity in the second half of the year is expected to be stronger than the first half, and will be much stronger than the second half of last year.”
June 6, 2011 Fannie Mae Releases New Rules On Delinquent Loans To Lenders
New rules from Fannie Mae require lenders and mortgage servicers to communicate more directly with borrowers who have fallen behind on mortgage payments and expedite arrangementments for helping homeowners avoid foreclosure.
According to the new rules loan servicers must build a "strong customer-service relationship" with homeowners and determine why the borrowers have missed payments, their ability to pay and to educate them on foreclosure prevention options.
Homeowners must be contacted verbally and in writing within the first 120 days after a loan become delinquent and complete a loan modification or other option that keeps the borrower in their home. The alternative is that the lender can enter into an arrangement with the borrower that gets them out of the house without going through the foreclosure process. Examples of things that could be done are a Lender Approved Short Sale or Deed-In-Lieu of Foreclosure.
If a foreclosure is the only alternative, lenders must adhere to a clear timeline once the loan has been delinquent for more than 120 days and they must also spell out when a property in the foreclosure process will be sold.
Lenders will be eligible for incentives if they do the loanb modications or make other arrangements early in the delinquency period, but they will face compensatory fees if they fail to follow the new Fannie Mae rules.
Myrtle Beach Real Estate Sales
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