In the first quarter of 2012, Horry County foreclosure filings were up 95% compared to last year with about 1460, most of which were lis pendens, the papers lenders file to start the foreclosure process. About 1 out of every 127 properties in the state has a foreclosure filing, the 3rd highest in the state and the 10th highest in the nation.
What brought about the jump? The economy is still weak and some of increase is those folks who were struggling to keep ahead and now they've had to let go. Also federal and state lawsuits against 5 of the largest lenders has been settled, so a lot of pending foreclosures moved to foreclosure.
The foreclosures continue to push down prices, in March the median price of a home or condo along the Grand Strand was $130,000 down 10.3 % from the same month last year. With the tough financing environment, it's investors who are keeping the market going, paying cash--51 % of 1st quarter sales were cash.
