Brookings Institute has stated that the vacancy rate for owner-occupied housing is at 2.5 percent. This remains to be a percentage point above the pre-crisis norm.
A big concern is the future of home prices. Recent months have reflected a modest decline which is troubling because it could get worse before it gets better. The flooding of distressed properties could only worsen the pricing situation. New home selling prices are expected to be down about 3% in 2011.
According to Money Magazine, home prices will start to stabilize by late 2011 or early 2012. However, median prices will decrease by 5% before then.
A bigger challenge is the large number of households that are curently "underwater" with their mortages. It is estimated that a fifth of borrowers are in this group with half or more in states that have been hit the hardest.
From 2006 through 2010, there have been 1527 foreclosures in Florence County. Below are the yearly totals.
- 2006 - 249
- 2007 - 328
- 2008 - 298
- 2009 - 214
- 2010 - 438
Total foreclosures by municipality for 2006 - 2010:
- City of Florence - 470
- Coward - 7
- Johnsonville - 59
- Lake City - 98
- Olanta - 18
- Pamplico - 5
- Quinby - 18
- Scranton - 4
- Timmonsville - 42
- Unincorporated - 811
Florence County foreclosures remain steady in the new year. Eighteen have been reported thus far. The next sales date is 1/18/11.
