Charleston South Carolina real estate market conditions, update
The other day, I promised an update to a mention made of a letter to the Editor by the Charleston County Master-in-Equity.
As I've said on many occasions, the Charleston South Carolina real estate market is not without its difficulties but market conditions here are much better than in many other areas of the country.
Charleston County Master-in-Equity Mikell R. Scarborough wrote a letter to the Editor discussing the mortgage meltdown and his perspective on the housing and credit markets from his dealings with foreclosures. Some highlights:
"While it appears that mortgage delinquencies are on the rise in the Lowcountry, it does not appear as bad yet as the naysayers would believe. We have experienced unprecedented growth in the region in the last five years."
"I am often asked, 'Why are mortgage foreclosures up?' I only know one valid response: 'Failure to pay the monthly note when it comes due.'"
On the subject of lenders making attempts to work with people to stave off foreclosure, "However, one constant factor remains apparent, if you should have never qualified for the loan in the first place, you are unlikely to ever be able to afford it."
"The mortgage delinquency rate is, in part, due to a lack of common sense by some good and well meaning folks who thought they could buy real estate at whatever today's asking price may be and then sell or refinance in the future for whatever increase in value as the ever-escalating price of homes was making available. A maxim of natural law is applicable: what goes up, must come down."
"The present mortgage crisis will eventually work its way out...its effects will not be felt as severely (here) as have occurred in other parts of the country."
"Hopefully the government will not come along with a plan to save us from ourselves to the detriment of all those who did not borrow against their home in excess of its reasonable value."
"Eventually, the Charleston real estate market will regain momentum as it has so many times before."
I couldn't have said it better myself. That's true, I've said many of these same things, but never have I said all of them so eloquently.