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Foreclosure rates drop in South Carolina for another month

Living in South Carolina, you've seen how the area has gone from being full of foreclosures to having fewer every month. Fortunately, that's not just how things appear; the area is actually improving. New data from RealtyTrac backs that assessment. According to the real estate website, South Carolina's real estate issues are actually getting better compared to July 2013.

How much better has it gotten? The national foreclosure rate, for example, has dropped 16.4 percent when you compare July 2013 to July 2014. In South Carolina, the number of foreclosures has dropped to 11.4 percent. There are several counties in the Midlands with high numbers of foreclosure rates including Richland, Orangeburg and Lexington, although Charleston and Orangeburg were seen to be the areas with the highest foreclosure rates overall.

If you're living in Cherokee or Laurens, you're in a better position; those areas have some of the state's lowest foreclosure rates. Overall, South Carolina reportedly showed one foreclosure for every 904 housing units that were sold. That is still much more than the national average, placing South Carolina as the sixth highest state for foreclosures. In the United States, the average is one foreclosure for every 1,203 homes sold.

Some of the exact numbers for foreclosure filings are: 921 in July 2014 in Jefferson, 1,247 in July 2014 in Orangeburg and 1,235 in Charleston. If Orangeburg and Charleston could get their area foreclosure levels down, it could potentially bring the entire state's rate down dramatically.

If you're facing foreclosure or have been looking into ways to avoid foreclosure, know that there may be other options. Look into all your legal options; you could be able to save and stay in your home.

Source: WLTX, "SC Foreclosures Down Slightly But Still 6th In Nation" Derry London, Aug. 14, 2014

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