Last week there was an article on the front page of the business section concerning foreclosure numbers.  

There was a 15% increase in January foreclosures compared to January last year; however, they say numbers are down from December of 2009.  These are still very depressing numbers. 

The numbers are staggering – approximately 315,000 households received foreclosure notices.

 According to Fannie Mae, 5.29% of all homes are in foreclosure. 

 So, how does this affect the real estate market, nationally, and locally in our Hilton Head Island real estate market?

 Certain areas of Hilton Head that have seen few foreclosures, but there are other areas that have seen their fair share of foreclosures.  We have seen a strong number of foreclosures in the entry level Bluffton real estate market.   

Unfortunately, real estate values are not going to rebound until we work through these foreclosures.  But we all know that there is light at the end of the tunnel and the market will return. 

*Courtesy of The Island Packet