Foreclosure rates continue to drop in Lowcountry

The Charleston area’s foreclosure rate continues to dip.

In July, 2.87 percent of homes in the region were in some stage of being repossessed, down nearly a percentage point from a year ago, according to real estate information firm CoreLogic.

That’s slightly ahead of both the 2.58 percent rate for all of South Carolina and the 2.43 percent national average, according to data.

The Charleston region’s mortgage delinquency rate also decreased. In July, 5.34 percent of mortgage loans were 90 days or more in arrears compared with 6.74 percent for the same period last year.

Branching out

Sabal Homes is expanding its Branch Creek project along U.S. Highway 78 in the southern nub of Summerville. The single-family development will add 26 homes within the next year, the company said.

The home builder is offering nine floor plans ranging from 1,731 to 3,480 square feet in Branch Creek. Prices run $217,900-$309,900. Design details include raised foundations, front porches, cement plank siding and two to four baths.

Reach Tyrone Richardson at 937-5550 and follow him on Twitter @tyrichardsonPC.

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