As most everyone knows, the real estate market is in a turmoil in 2008. The sub-prime mortgage lending of 2006 has created problems all over the US with buyers who used ARM loans and other interest delaying mortgages now having large payments that are due, and being unable to pay them. Foreclosures are imminent and growing daily. Resort areas like Myrtle Beach are experiencing even higher foreclosure numbers than residential areas.
Investors that got into the "condo-flipping" cycle too late are now having to take possession of high priced oceanfront real estate in Myrtle Beach, and are also unable to make the payments in many cases.
Prices are going down now, sales have slowed considerably. Many homeowners have to sell their old home before they can buy a new one...which furthers the problem, and it ends as a vicious circle.
There is, however, a market for the foreclosure homes and condos in Myrtle Beach. Investors are buying these properties and will hold on to them until prices rise again.
You've found the Myrtle Beach SC foreclosure specialists, and the right place to begin your search for this new kind of investment real estate.
