Tourism in Myrtle Beach, SC has gotten a major jolt from the Gulf Oil Spill, many are starting to ponder if this could effect the real estate market too?

It doesn’t matter whether the business is a hotel, restaurant, bar or one of the many retail stores along the Grand Strand, business is strong! All types of business owners have reported major increases in their business as a outcome of the misfortune in the Gulf. Many vacationers that typically plan to vacation in the Gulf have shifted their holiday plans because of the extreme effect the oil spill has created in the waters along the beach and resort areas. Many tourist are concern about encountering oil fouled beaches and are headed east to Myrtle Beach instead.

The North Myrtle Beach and Myrtle Beach Chamber of Commerce said calls seem to be flooding in from all over, mainly tourist troubled about changing their holiday location to the Grand Strand due to conditions in the Gulf.

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According to data provided by Freddie Mac, current mortgage rates are not adhering the forecasts by industry experts that called for higher rates in 2010.

15 year fixed rate mortgages are in the 4.25% range, their lowest rates since April of 1991. 30 year fixed interest rates have been averaging around 4.8%, still at the one of its lowest points historically. 1 year adjustable loan rates have dropped to their lowest level this year. Five year adjustable mortgage rates have also remained fairly consistent.

Current interest rates are holding at historic levels still. In fact, rates on 15 year fixed-rate mortgages recently set another record low rates. Credit conditions among borrowers are also better. Homeowners who were up to date on their mortgage payments outnumbered borrowers who were defaulting on home loans.

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Buying home, condo or any other real estate in a market that is protected from a bursting bubble is every investor’s dream. Knowing where to look for these bubble-proof markets and how to identify them is crucial.

There are some important factors that investors should consider when searching for stable investments such as single-family homes, condos or any other type of real estate. Some of these factors include a fast growing population (which positively impacts the demand for housing), a solid and diverse economy (which impacts employment rates and subsequent demand for housing), rising incomes (which impacts buyers’ ability to purchase real estate), a developing infrastructure (which contributes to the appeal of a city or community), and restrictions on future real estate development (which limits future supply of real estate). Investing in real estate within communities that meet these criteria may prove to be more profitable than communities that are missing one or more of these factors.

A recent report by Business 2.0 Magazine identified U.S. cities that have consistently demonstrated price appreciation in the real estate market. The October 2006 issue of the Magazine identified the top 5 real estate markets that demonstrated an upward price trend over a long period time. The top-ranking cities were:

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