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Foreclosure rate drops in South Carolina

Living with the fear of foreclosure can be difficult, but you don't have to do it alone. There are some legal steps you can take to help challenge your foreclosure and to try to keep your home despite financial difficulties. In South Carolina, you could be struggling now, but there is good news on the horizon. As the economy recovers, the foreclosure rate has been dropping. The number of South Carolina foreclosures has dropped by 14.5 percent since 2013, according to the news, and that is good for everyone in the state.

In March, South Carolina was ranked the eighth-highest state in the country for the rate of foreclosures, according to a report from April 10. There were 2,688 properties in foreclosure in the state in March. That is a 22.24 percent increase since February, but the good news is that it's a 14.5 percent decrease in foreclosures since March 2013.

In March, one in every 794 homes was in foreclosure, according to the news, and that's approximately 15 percent lower than in 2013 at the same time. Across the nation, foreclosures are dropping. That is a good sign that the economy is repairing itself, and that means that more money can be used to sell the homes previously in foreclosures.

According to the news, around 10 percent of the homes in foreclosure have been listed for sale by banks. However, with the decrease in foreclosures and an increase in the economy, banks are now able to refocus on the foreclosures that they are having to deal with. That means that the properties in limbo are now able to be dealt with; people may be able to work out a deal with the bank, or the home will be sold off. According to reports, approximately half of the homes listed for sale are still occupied by the former tenant or homeowner, despite the foreclosure.

Source: Charleston Regional Business Journal, "S.C. foreclosures down 14.5% from 2013" Ashley Barker, Apr. 10, 2014

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