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Foreclosures still high in South Carolina

If you're facing foreclosure, then you may not like the news that South Carolina is still one of the states with more foreclosures in the United States. For you, that may mean that the economy has not yet improved, or you may be struggling. Fortunately, you should be able to seek other options, and in some cases, you could find a way to stay in your home.

South Carolina is ranked number 10 in the country for the most foreclosures, and it was reported that around 2,500 foreclosures were reported in the state in May. That's one in every 851 homes. While that may be a shockingly high number, it's important to realize that this number is 28.94 percent lower than in May of 2013, according to RealtyTrac, and that means that the state may be more stable than in previous years.

Throughout the U.S., there has been a 26 percent decrease in the number of foreclosures compared to the same time in May 2013. In total, there were default notices, auctions and bank repossessions on 109,824 homes around the United States, the U.S. Foreclosure Market Report from RealtyTrac shows.

What is good is that the data company has reported that May's foreclosure rates were at the lowest they have been since December 2006. That's one in every 1,199 homes in the U.S. in foreclosure. By county in South Carolina, the lead was in Richland in May. Richland had 374 foreclosure reports for the month. Next, Greenville found itself with 201 foreclosures, and Charleston reported 194. Lexington followed closely behind that number at 179. Spartanburg had 152, and Berkeley had 119, the data shows.

Source: GSA Business, "S.C. 10th highest for foreclosures despite 29% drop in May" Ashley Barker, Jun. 11, 2014

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