SC County Sees Decline in Real Estate Sales
Mon, November 30, 2009
MYRTLE BEACH — Year-over-year sales of real estate plunged by more than 80 percent in one South Carolina county, and the decline forced a local bank to either come up with cash or consider a merger.
The Sun News of Myrtle Beach reported Sunday that in Horry County, the impact of the rise and fall of the real estate market was felt in mid-priced neighborhoods and those with oceanfront condominiums and upscale projects.
While home sales are on target to surpass totals from 2008, which was the worst year in nearly a decade, experts disagree about how long a full recovery will take.
Meanwhile, banks that invested heavily in the local real estate boom now are watching their financial losses mount and attracting more scrutiny from regulators.
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