Myrtle Beach’s Record Breaking Foreclosure Auction

Earlier this month Horry County hosted what is believed to be the largest foreclosure auction in county history . Site Tech Systems, a Garden City company that specializes in gathering, consolidating and analyzing real estate information, estimates that over 600 lots, homes, condos, commercial real estate and land parcels were up on the foreclosure auction block. Many people in attendance could not remember an auction this size at any time in the past. The nearly 6 hour ordeal found buyers snapping up bargain real estate and lenders buying back REO properties from foreclosed loans.

The recent attempts by the government to modify loans to prevent foreclosure is not going as smoothly as planned adding to the mounting home crisis. Sales have been climbing over the last few months this summer,  but many analysts continue to believe the crisis has not seen its last days.