Real estate sale have climbed by 24 percent in single family homes and are up 30 percent in condo sales in the last six months. That's the good news. Unfortunately a large percentage of those sales came from foreclosures. 21% of condos sold and 18% of single family homes come from foreclosures. This number on the outside may look good but for the health of the market this is a downward trend. The volume has followed the increase in foreclosures instead of new properties being added to the market from homes not underwater. If you take away the foreclosures being sold the market has actually decreased. These properties continually bring prices down, which is good for buyers, but this also lowers every ones property values which keeps homes from interring the market. Most buyers to the Myrtle Beach market go straight to the foreclosures with the expectations of finding the best price which makes others hard to compete. Many home owners have stopped trying. This pattern gives no sign of ending soon which will keep the area from stabilizing. Prices seem to have bottomed but the large number of foreclosures have kept prices from rising.

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