Foreclosure rate drops in Charleston region, report says

The foreclosure rate continues to shrink in the Charleston region, according to a report released today.

In the region, the rate of foreclosures among outstanding mortgage loans was 3.32 percent in February, down 0.82 percent compared to the same month in 2012 when the rate was 4.14 percent, according to real estate information firm CoreLogic.

The Charleston region’s foreclosure rate was higher than the nation’s 2.85 percent rate and South Carolina’s 2.98 rate for February, according to data.

CoreLogic added that February data showed 6 percent of mortgage loans were 90 days or more delinquent compared to 7 percent for the same period last year.

The Charleston region’s February rate is down from 3.35 in January.

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