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Residential real estate sales up in South Carolina

When you're struggling to make payments for your home, you may not be thinking about how the outside economy is affecting you. Fortunately, South Carolina is going through some major changes, and the residential real estate market is improving. How does that help you? You may be able to sell your home or get a different kind of mortgage that is easier for you to afford.

Charleston is the area suggested to be leading the state for home sales, and Greenville isn't far behind. The Charleston region has had an increasingly lower amount of foreclosures taking place in 2014, too, marking the fact that more people may be back to work or have the funds to support their investments.

South Carolina, as compared to the rest of the United States, has a foreclosure rate of 1.75 percent on average. The U.S. has an average rate of 1.77 percent. The percentage of delinquent home loans has also reportedly continued to fall. Only around 4.37 percent of mortgages in the Charleston area were reported as being 90 or more days behind in April. That's down from 5.71 percent just a year prior.

If you're planning on selling your home to get out of debt, the changing real estate market may be in your favor. According to a statewide report by South Carolina Realtors, the Charleston region has led the state in its volume of sales and for the fewest number of days needed for a home to sell off the market. The report states that the first five months of 2014 have shown the Charleston tri-county area with 5,042 home sales compared to 2,896 in Coastal Carolina. In Greater Greenville, 3,745 home sales took place in the first five months of the year, showing an uptick in interest from buyers coming into the area.

Source: The Post and Courier, "Charleston region's real estate market continues to lead most of state", June 30, 2014

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