The country is trying to recover and real estate is a large part of that recovery. People want to purchase real estate but now banks have made the qualifications for a mortgage almost impossible even for those with excellent credit.  The FDIC found that for the fiscal year ending March 2011 loan volumes fell by $260 billion while the banks assets grew by $80 billion and profits were up by $12 billion.

The majority of banks are now so large and spread over so many states that they are no longer the place where you put your money and they lent you theirs.  Hopefull someone at the top of those institutions will realize that banks are hurting home sales which is hurting our economy.

Myrtle Beach Homes Sold

382 Homes Sold and Closed with 57 Foreclosures, 8 Lender Approved Short Sales, and 317 Regular Sales.

Myrtle Beach Condos Sold

345 Condos Sold and Closed with 4 Auctioned, 43 Foreclosures, 9 Lender Approved Short Sales, and 289 Regular Sales.

69 Lots or parcels of  Land  Sold and Closed with 21 Foreclosures, 1 Lender Approved Short Sale, and 47 Regular Sales.

Existing Home Sales Rise

Existing Home Sales Rise  – Sales of existing homes rose in March, according to the National Association of Realtors. 

Sales that closed are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 3.7 percent to a seasonally adjusted annual rate of 5.10 million in March from an upwardly revised 4.92 million in February, but are 6.3 percent below the 5.44 million pace in March 2010. Sales were at elevated levels from March through June of 2010 in response to the home buyer tax credit.

Lawrence Yun, NAR chief economist, expects the improving sales pattern to continue. “Existing-home sales have risen in six of the past eight months, so we’re clearly on a recovery path,” he said. “With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain – primarily because some buyers are finding it too difficult to obtain a mortgage. For those fortunate enough to qualify for financing, monthly mortgage payments as a percent of income have been at record lows.”

To read more about home sales and the real estate market read Myrtle Beach Real Estate Market News on my website.

Find a mortgage even with a low credit score

There is hope for those with low credit scores since some lenders have reduced the FICO (credit score) requirements to 580.

Home ownership may also come again for those who have lost a home by short sale or foreclosure since two of the nation’s largest lenders of FHA loans announced that they’ve dropped the minimum FICO score guideline from 620 to 580. With a FICO score of 620, buyers can qualify for FHA loans at many lenders with only 3.5 percent down. With a score of 580, the lenders are looking for more like 5 to 10 percent down.

Mountains and multi-lane highways

Well I finally decided to take a trip to Las Vegas and made sure my one piece of luggage was within the size and weight limits for a carry-on. While boarding the plane I was told the overhead compartments were full and they would check my little suitcase and send it to Las Vegas. I arrived but my suitcase decided to go to Kansas City. After managing to survive until the next afternoon I enjoyed their above average temperatures and the fact that Las Vegas looked nothing like I had imagined. To see all my pictures visit my Facebook page Sandy Keller, Realtor in Myrtle Beach

You have a choice between white snow or white sand  -

Fall Colors In North Myrtle Beach SC

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