South Carolina foreclosure rate dropping slower than national average, report says
Foreclosures are subsiding in South Carolina, but the state’s rate is higher than the national average, according to a report released today.
The foreclosure rate in South Carolina was 2.7 percent in June, slightly higher compared to the 2.5 national average, according to real estate information firm CoreLogic.
There were 10,168 foreclosures in The Palmetto State in the 12-month span ending in June, according to the agency’s data.
As of June, about 1 million homes in the U.S. were in some stage of foreclosure, roughly 400,000 fewer than in June 2012, officials said.
“So far this year, distressed inventories have fallen dramatically, down 14.4 percent, and serious delinquencies are down 15.9 percent,” said Mark Fleming, chief economist for CoreLogic. “In the first six months of 2013, the stock of seriously delinquent mortgages has dropped by 412,000.”
Reach Tyrone Richardson at 843-937-5550 and follow him on Twitter @tyrichardsonPC.