2011 was a great year in the Myrtle Beach real estate market with more than 250 real estate agents selling over 3 million worth of property each. After the holiday season, the market has really picked up for foreclosures and real estate transactions around the Grand Strand. Buyers are searching for deals, and they better start finding them now before things get better for the economy. Just today the foreclosure market may have taken a small step to recovery. 5 of the nation?s largest lenders just got hit with a 26 billion dollar lawsuit for faulty foreclosure documentation. Over the past several years, many of the loans were packaged and sold off without even a good paper trail of who even owned the property. You may remember last year when most of the large banks ceased selling any bank assets while they figured out what was going on. Asset managers were not moving the properties off the books, because red flags had been discovered for poor processing and fraudulent behavior in handling foreclosure proceedings.
Over the past 6 years, the foreclosure market has been a mess as many investors and homeowners have walked away from properties that they should not have been eligible for a mortgage anyway. The tumble in prices affected other real estate values and the saga continued. Now real estate prices in Myrtle Beach are for the most part worth just over ? of what they were just 7 years ago. With the lawsuit that was just settled over handling real estate foreclosures, many existing homeowners that are current on their mortgage payments will be able to receive rate reductions. It is not clear what will happen with the individuals who were foreclosed on, and how much if any financial retribution they will receive. The largest problem still facing the foreclosure that will not immediately be affected by the court?s decision are the people that are currently behind on their mortgages. These people can?t use the thousand or two thousand dollars being offered to catch up on payments for many of which are up to two years behind on payments.
This lawsuit should affect the mortgage crisis some with the homeowners that are current, however we believe that you will see foreclosures in the Myrtle Beach area at a higher than normal level for about two more years. The courthouse in Conway is still back logged on processing, and many of the foreclosure proceedings will still take a while to clear out. This year may be the year for you or your family to purchase a home in the Myrtle Beach area. Call a Beach Realty Group Realtor at 843-267-4627 with questions about buying a home in Myrtle Beach.
Source: http://www.yourhomeatthebeach.com/foreclosure-market-should-improve-some/
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