Myrtle Beach Real Estate Foreclosures

According to a recent report, the Myrtle Beach real estate market experienced a higher foreclosure rate in February compared with February 2008.  The foreclosure rate in the Myrtle Beach area rose to 1.5 percent this February. The foreclosure rate for the Myrtle Beach area in February 2008 was 0.9 percent.  Additionally, the mortgage delinquency rate of mortgage loans that were 90 days or more delinquent rose this February to 3.3 percent. The delinquency rate in February 2008 was 2.1 percent. However, even with these increases, the Myrtle Beach area is still doing better than the rest of the country. The February 2009 national foreclosure rate was 1.7 percent and the delinquency rate was 5 percent.