Once defined by the size of its foreclosure offerings, the Myrtle Beach, S.C., area real estate market now outperforms both state and national real estate markets in the current rate of foreclosures and the percentage point drop in foreclosures over the past year, according to national real estate data company CoreLogic.
The company reported Thursday that Horry County saw a steeper drop in its foreclosure rate between November 2013 and November last year as well as a lower foreclosure rate for the past two Novembers than either the statewide or U.S. rates.
At one time, the Strand's housing market was defined by the number of foreclosed and bank-owned properties, with the sheer bulk holding down prices of all residential properties.
The single-family market began seeing a break in the foreclosure-dominated market in the fall of 2013 that accelerated in early 2014 and is no longer a dominating factor in the market. Median single-family home prices rose more than 6 percent in the last calendar year, a trend that at least some are expecting to repeat this year.
The condo foreclosure market encompassed more properties and was the major player until recently, when prices began seeing more substantial increases.
CoreLogic said Horry County’s foreclosure rate was 1.16 percent in November 2014, down from 2 percent a year earlier. The statewide and national rates were, respectively 2.26 percent and 2.23 percent in November 2013, dropping to 1.45 percent and 1.4 percent last November.
The Horry foreclosure rate was 3 percent in January 2013 and has been steadily dropping since then, CoreLogic reported.
Besides foreclosures, Horry County also outperformed statewide and national stats on delinquencies of more than 90 days, a precursor to foreclosure.
The company said the 90-day-plus delinquency rate in Horry County was 3.01 percent in November 2014, compared to 4.15 percent a year earlier. The most recent rate was more than a point better than either the statewide or national rate.
©2015 The Sun News (Myrtle Beach, S.C.). Distributed by Tribune Content Agency
