MYRTLE BEACH, SC - MYRTLE BEACH, S.C. (AP) - A 72 percent increase in condo sales in South Carolina's largest resort town looks pretty good until the prices show that much of the activity is in short sales and foreclosures.
The Sun News of Myrtle Beach reported Saturday that without the distressed real estate, sales for 2010 are lower than a year ago. And experts don't expect that to change soon.
More than a quarter of the properties sold in Myrtle Beach between April 1, 2009 and April 1, 2010 were foreclosed properties or ones that banks let owners sell for less than their mortgage values.
More than 10 percent of the single-family homes and condos listed for sale in the area are distressed.
Real estate analyst Tom Maeser says prices won't rebound until that inventory is cleared out.
Information from: The Sun News, http://www.thesunnews.com/