So maybe I spoke too soon. Earlier I posted something like, "The market is coming back!" Well this report is showing the worst may be yet still to come. In May of 2009, South Carolina ordered a temporary freeze on foreclosures statewide. That means that some properties may be 18-20 months past-due at the time foreclosure is completed. Donna Lehmer from First Federal says that by her projection the bulk of the foreclosures will come late this year.
All these homes are bellying up and the market is not yet fully corrected, which leaves many thinking we're not out of the woods yet. Many other speculators would believe that the market is prime for a buyer or investor to scoop up these properties from the banks. Only the banks aren't giving these properties away. They are mostly offering at comparative prices which means just below market value, but they are banks and banks are in the business of making money. Whether its real estate or stocks the value is being assessed on all sides.
My final word is that don't go off the deep end yet, we still have a few more bumps in the road to recovery. I think this summer will be a mixed year. Prices should rise steadily and then drop off while I expect interest rates to climb. You don't have to take my word for it, do your own homework.
