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South Carolina's foreclosure forecast: Dropping foreclosure rates

Living through the recession, you know that foreclosures became all too common across the United States. If you've been fighting to keep your home, there are ways to do so through bankruptcy and other methods, but some good news about the economy's improvement is also welcome.

South Carolina is growing stronger economically, if recent foreclosure rate reports are considered. A June 28 report states that on the April 2016 national report, the foreclosure inventory rate had dropped to 1.1 percent. That was a 12.4 percent drop from April 2015.

South Carolina's completed foreclosure rate over a 12-month period also dropped to 7,720, which is down from 9,589. Nationally, foreclosure rates are also declining, showing growth and more economic stability. The current recovery from the recession has shown a decrease in foreclosures year over year since September 2010.

As of April 2016, the national foreclosure inventory included around 406,000 homes. In April 2015, that number was 530,000, showing a significant decline in houses in any state of the foreclosure process.

Also good news is the fact that the number of mortgages in serious delinquency has also dropped. Serious delinquency is defined as being 90 days or more past due. In April 2016, the number of homes in serious delinquency had dropped to 1.1 million, or 3 percent, a decline of 21.6 percent from the year before. South Carolina specifically had a drop of 14.1 percent from April 2015.

Which states are still struggling? The states with the highest number of foreclosures include Florida, Ohio, Texas, Michigan and California. They make up around 40 percent of the total foreclosures around the nation.

Source: GSA Business, "State home foreclosure numbers drop," June 28, 2016

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