Conway Foreclosures
Foreclosures in the State of South Carolina
The economy in the state of South Carolina during the month of December 2010 echoed the overall state of the national economy: slow and small but measurable improvement in most areas. This indicates that the end of the recession could very well be in sight. Every area of the economy experienced some kind of gain. Employment varied considerably in different metropolitan areas of South Carolina. Some cities exhibited small drops in employment activity while others showed small measurable gains. Myrtle Beach holds the top spot with a 4.7% increase in the number of jobs available. Retail sales were up all over the state. The top spot goes to Anderson with a 15% increase in retail sales. Some parts of South Carolina did experience increases in activity for residential building permits as well, indicating that new construction and expansion is on the way. Unemployment claims dropped all over the state, with the biggest decline taking place in Anderson at -2.3%. Unfortunately, other aspects of the economy have continued to worsen, South Carolina foreclosures increased up to 25% in some areas. Property values have plummeted over the past several years while tax rates have stayed the same. With increased interest rates on adjustable rate mortgages making payments too high for the buyer, these factors have been disastrous for South Carolina residents. Going city by city for the month of December 2010, the numbers are disheartening. Columbia foreclosures top the list at 25.2632% in the number of new foreclosures, most likely due to the impact of layoffs affecting the budgets of these residents. Greenville foreclosures saw an increase of 17.9104%. This is also attributable to low employment and high property taxes. Rock Hill foreclosures reached 18.75%. Rock Hill is a small city just south of Charlotte, NC. The entire area, even extending into South Carolina, is a hub of young urban dwellers who continue to be hit hard by layoffs and by the rising interest rate of adjustable rate mortgages. Anderson foreclosures were 20.5128% for December 2010, the second-highest in the state. This is likely because this mostly manufacturing economy has suffered from high unemployment. Charleston foreclosures were the lowest in the state with a 12.5% increase, which is not unusual given the fact that Charleston has a higher cost and standard of living. A larger percentage of residents of Charleston are in upper tax-brackets and the economy is also boosted by tourism rather than industry. Conway foreclosures were in the middle of the pack at 17.3919%. Considering that this community is also one that receives tourist traffic from nearby Myrtle Beach, it is expected that the economy would be weaker in the winter months, when tourism is at a low. In other non-economic news, December 20, 2010 marked the 150th anniversary of South Carolina’s secession from the Union to join the Confederacy. That was one of the major events that preceded the outbreak of the Civil War. A gala benefit ball was planned by the Confederate Heritage Trust foundation. It was protested by a large group of members of the NAACP (National Association for the Advancement of Colored People, a large African-American civil rights organization). Also, South Carolina experienced a record setting snowstorm and cold snap in December which froze the state and the whole eastern seaboard. Flights were cancelled, roads and schools were closed and thousands were without power. The cold and snow are abnormal in this Southern state that is accustomed to no more than a few flurries or freezing rain in the coldest months of January and February. January has already brought more snow, so it can only be hoped that this unusual weather does not weaken the economy more and cause more South Carolina foreclosures as well as decreases in employment and state GDP.
About the Author
Adam Sanderson, has been working on ForeclosureListings.com studying the foreclosures market, helping buyers on the finer points of foreclosure listings.
Foreclosure at 213 Oak Lea Drive in Conway South Carolina near Myrtle Beach
