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We are seeing more and more foreclosures come onto the market at this time here in South Carolina. There is an immense amount of short sale activity going on. We are in an area — known as the Grand Strand — that is a tourist town, popular with second home buyers and investors.

Due to the mortgage and lender problems, there are a large number of people walking away from their investments. I personally blame this on the fact that the lenders are so overwhelmed right now that they are allowing this and not punishing those that got into the market on speculation. I am referring to the investors who over-extended themselves with speculation, the second home buyers who bought more than they could afford, and the buyers who were talked into adjustable rate mortgages (ARM) loans so they could buy more home than they could afford.&nbsp

A lot of foreclosures here in South Carolina are also manufactured houses. I see a lot of them on the market as foreclosures now. There seem to be more high-end homes being foreclosed on too. 

We are seeing more and more foreclosures come onto the market at this time here in South Carolina. There is an immense amount of short sale activity going on. We are in an area — known as the Grand Strand — that is a tourist town, popular with second home buyers and investors.

Due to the mortgage and lender problems, there are a large number of people walking away from their investments. I personally blame this on the fact that the lenders are so overwhelmed right now that they are allowing this and not punishing those that got into the market on speculation. I am referring to the investors who over-extended themselves with speculation, the second home buyers who bought more than they could afford, and the buyers who were talked into adjustable rate mortgages (ARM) loans so they could buy more home than they could afford. 

A lot of foreclosures here in South Carolina are also manufactured houses. I see a lot of them on the market as foreclosures now. There seem to be more high-end homes being foreclosed on too.