Myrtle Beach Real Estate

September 4th, 2008 6:57 PM

 

Yesterday we had our monthly Horry County Foreclosure Sale at the Courthouse.  All the usual suspects were duly present:  the "movers and shakers", the sharks and their agents, "the suits" (the lawyers) and many spectators.  "The Show" was dry, especially now that the Presiding Judge, who is Southern, stopped calling "Deutsche Bank" - "Douche Bag, I mean Douche Bank"...

 

...So where's the beef? 

 

Out of 201 properties on the Foreclosure List, The Plaintiffs (the Banks) ended up with 112 of them (55.72%).

 

77 properties were "Pulled" from the auction (38.31%).  Some got pulled due to bankruptcy, some managed to obtain loan modifications, a few were short sales, but the majority of them will be bid on at next month's Foreclosure Auction. 

 

All in all, only 12 properties (5.97%) were acquired by new owners, investors who hopefully bought them for pennies on the dollar. 

 

All the work and preparation that goes into getting ready for this Spectacle of sorts, for what: a mere 5.97% success ratio? 

 

Hey, where's the beef?

 

Posted by Mirela Monte on September 4th, 2008 6:57 PMPost a Comment (0)

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