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Foreclosure rates dropping in Charleston

If you're living in Charleston and are faced with a foreclosure, you may want to look into your options for keeping your home. Home foreclosure isn't always the only option you have, and there may be alternatives to foreclosure that you can try. There has been some good news out of the region lately; according to a May 28 report, the number of foreclosures in Charleston, South Carolina, has dropped again.

According to the news, CoreLogic, a real estate firm, has reported that outstanding mortgage loans were 2.05 percent in March in the area. That area included Charleston, North Charleston and Summerville. That number is down from a previous report of 3.30 percent from March 2013.

In March 2012, the outstanding mortgage loan levels had hit a high of 4.05 percent. What this shows is that over the last few years, the number of loans that are outstanding have declined. That could indicate that the area is recovering from the recession.

In South Carolina, the rate tends to be lower overall than in this region. The news reports that U.S. foreclosure rates have been reported at 1.86 percent for March 2014, and the foreclosure rates for South Carolina were reported as 1.84 percent in March 2014.

Additionally, it's good news that the percentage of delinquent home loans has continued to fall throughout the Charleston area. When a loan is delinquent, it normally refers to loans that have gone without payments for 90 days or longer. In Charleston, approximately 4.5 percent of home loans were 90 days or more past due in February 2014. That number is down from the previous year at the same time. Last year, the percentage was listed as 5.96 percent in February.

Source: The Post and Courier, "Charleston region's foreclosure rate decreases, report says" Tyrone Richardson, May. 28, 2014

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