The number of bank and tax lien foreclosures increased again in Myrtle Beach, South Carolina, last year when compared with 2009. The high unemployment rate and the decline of the travel industry were largely blamed by market analysts for the surge in foreclosure numbers.

Myrtle Beach foreclosure listings jumped by 44% last year compared with figures recorded in 2009. The area had a foreclosure rate of 2.25% in 2010, with majority of foreclosed properties reportedly owned by people who have lost their jobs in 2010. Realtors stated that the figure might even be higher than reported since majority of properties in the area are vacation houses or second homes.

South Carolina foreclosure listings might not be as high as in other states, but Myrtle Beach was one of the local markets in the region that got hit badly by the foreclosure crisis. Five years ago, the city was ranked 11th nationwide in terms of growth. With great climate and beautiful beaches, Myrtle was a favorite destination for people looking to relocate to warmer places and tourists seeking sunshine.

The vacation residential property market of the city thrived, with more developers building townhomes and vacation houses, and taking out loans to finance their development projects. When the recession hit, along with the nationwide bank and tax lien foreclosures crisis, investment properties were the first to fall, realtors have revealed. Last year, a big percentage of foreclosures was accounted for by these investment properties, realtors further added.

To make matters worse, the area's unemployment rate jumped to 12.1% during November 2009. Although it declined to 11.8% as of November of last year, the rate was still high and it still caused thousands of jobless homeowners to lose their properties to foreclosed home listing and to repossessions. Analysts stated that the surge in foreclosure numbers last year was not surprising, given the poor conditions of the sectors that support the area's economy.

For 2011, economists stated that bank and tax lien foreclosures will remain high as the unemployment level of the region is likely to remain the same. They also cited the condition of the tourism industry, which has yet to show signs of a recovery as majority of travelers remain in their homes to save money.

Original post: http://www.mostlyforeclosures.com/blog/bank-tax-lien-foreclosures-myrtle-beach-2010.html on MostlyForeclosures.com, your source of foreclosed homes for sale.