A new housing market reports says the Lowcountry is leading South Carolina in recovery efforts from the recession. The South Carolina Housing Market Report, a University of South Carolina publication, shows the Lowcountry had one of the hardest hit housing markets during the recession, but now is leading in the state’s recovery efforts.
The Post and Courier of Charleston reports the Lowcountry has low unemployment compared to most of the state, and also high construction levels, up 61 percent year-to-date. Overall, the report shows South Carolina making a slow and steady recovery in the coming months, with the Charleston area leading the pack.
For the state, high unemployment numbers are expected to still trigger foreclosures leading to, what the report says, “increased housing inventory and further reduction in housing prices.” The South Carolina Association of Realtors and the Home Builders Association of South Carolina also assisted in the report.