Over the past few months, the Florence County Planning Department has been tracking foreclosures back to 2006. With the help of the County Clerk of Courts and its Special Referree, we have compiled all the available information on those homes that have completed the foreclosure process.Beginning around May 2007, it was not uncommon to see between 35 and 40 foreclosures a month. Those numbers have decreased starting in September 2008 when the highest values were between 25 and 30 a month.
For the month of June, the number of foreclosed property continued its downward trend with nine, roughly equal to the average of the first two months of 2006, which is the start of records we could find.
Annual municipalities' foreclosures in 2009 may meet or beat 2006 values if these trends continue.
So, what does this mean for Florence County? It may translate to decreased time a home for sale remains on the market. It may also signal a better market for builders seeing less competition with foreclosed properties.
As the Florence Economic Development Partnership continues to attract new an expanding businesses to Florence, we may be seeing some warming from this icy housing season.
The next question we must ask ourselves is how we want to grow to weather the next economic catastrophe. That answer may lie in considering the combined costs of housing and transportation (reflecting the new coordination between HUD and US DOT) while minimizing the tax burden. Instead of housing following new schools, how about schools locating near the housing... you'll see lower costs in maintaining our transportation network! Imagine a pedestrian and bicycle friendly neighborhood that includes that school, grocer, coffee shop, clothing store and other amenities.
Can it happen in Florence?
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