A Look at Single and Multi Family Foreclosures in Horry County

by on Foreclosures

Officials of Horry County, South Carolina broke down single and multi family foreclosures numbers in the area for February 2011. According to local officials, some zip codes have higher foreclosure numbers during the month than others, with beach communities reportedly hit harder than other markets.

Data for February 2011 showed that foreclosed homes in Myrtle Beach declined by 8.14% compared with February 2010. Compared with the same month of 2009, the time when the foreclosure crisis was at its peak, numbers were down by 42.33%. For the whole Horry County, the highest foreclosure numbers for the month were recorded in the zip code of 29579 where Forestbrook and Carolina Forest belong. Meanwhile, the second highest foreclosure total for the period was posted in Little River.

Statewide, foreclosures in South Carolina declined by over 10% in February of this year compared with year-ago levels. Among the areas of Horry County, officials reported that beach communities have been hit harder by the housing market crisis compared with other parts of the county, with Myrtle Beach suffering worse than other areas since the start of the housing industry crisis. Local officials also revealed that in the housing market of the Grand Strand, a different foreclosure trend is emerging.

According to them, single family and multi family foreclosures are not as common in this region, with foreclosures mainly accounted for by rental homes, vacation houses and second homes. They stated that while any foreclosure-related news is not good, at least no one was left homeless when these properties fell into distress. The area's construction industry however, relies mainly on second and vacation housing markets, which means that the trend will greatly affect their operations.

Nationwide, foreclosures and bank properties for sale numbers continue to rise in foreclosure hotbed areas like Las Vegas and Phoenix. Along with Houston, Los Angeles and Chicago, these two metro areas posted the highest number of foreclosures in the U.S. in February of this year. Overall, the whole country had a total of 63,165 foreclosure-related actions and notices of default during the month. The numbers are predicted to continue to increase in the second half of the current year.

The same thing is being predicted in South Carolina where single and multi family foreclosures are expected to rise in the latter part of 2011. For the beach communities of the state, particularly in Horry County, foreclosures among vacation houses and second dwellings are also likely to increase again.