Myrtle Beach Neighborhoods See Up To An 80 Percent Drop in Home Sales
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Who says speculation was only in Florida, Nevada, Arizona, and California.
A recent report compiled with data from the Home Mortgage Disclosure Act shows that parts of Myrtle Beach experienced tremendous drops in real estate sales. And this is not me trying to get your blood up.
The numbers are staggering.
The census tract stretching from Eighth Avenue North to 21st Avenue North, for example, experienced an 89.7 percent decline in the number of home loans and an 87.2 percent decline in the dollar amount of those loans from 2006-2008.
The Forestbrook area, where a number of new inland subdivisions have started in recent years, also was hit hard by the real estate bust. The number of home loans declined 85.4 percent from 2006-1008, and the dollar amount of those loans dropped 83.1 percent during that period.
And the census tract along the U.S. 501 corridor stretching from Gardner Lacy Road to roughly S.C. 90 experienced a 72.1 percent decline in the number and a 75.5 percent decline in the dollar amount of home loans.
In all, 31 census tracts experienced declines of 50 percent or greater in the number of home loans approved, and 29 census tracts experienced declines of 50 percent or greater in the dollar amount of those loans in the two years since the boom ended. via The Sun News
Seriously, try comparing this to the hardest hit areas of Florida or Phoenix and you may be surprised. I think there are many pockets of home sales devastation affecting both home prices and the incomes of real estate agents. For the industry volume is even more important than pricing. One can make money even if pricing is off, but no one earns if the market is non existent.
Great points Tom - the flavor of the day solution is only adding to the instability and volatility.
When Washington ...
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cont from above post.....
please contact me via e-mail if interested in the home listed
above.
jonieckstrom@yahoo.com 
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Pingback by Home Sales Down Over 80% in Myrtle Beach, Values Also Decline on 1 December 2009:
[...] Tom Royce of the Real Estate Bloggers notes, “try comparing this to the hardest hit areas of Florida or Phoenix and you may be surprised. I think there are many pockets of home sales devastation affecting both home prices and the incomes of real estate agents. For the industry volume is even more important than pricing. One can make money even if pricing is off, but no one earns if the market is non existent.” [...]
Comment by Portland Real Estate on 1 December 2009:
Im not sure the roller coaster ride is over yet. I am no economist but unfortunately even I know that we cant fix this large of an economy in a year.
-Tyler
Comment by Sammy on 1 December 2009:
I think it would be great if we can share tips on how to survive this market too.
Comment by Clemmons Homes for Sale on 2 December 2009:
Those numbers are staggering. I never would have guessed Myrtle Beach had been hit that hard.
Comment by Foreclosures on 2 December 2009:
Everyone benefited somehow during the real estate boom a few years ago; now somewhere somehow, everyone is feeling the effects of the downside; we all just have to stay positive to persevere…it takes time
Comment by Naomi Trower on 3 December 2009:
As a Californian and being hit hard, it can shock us to hear other areas that are hit just as bad.