In 2013, residential sales rose and foreclosures fell in many markets, the best of both worlds as far as the real estate industry is concerned.
The declining percentage of homes in some form of financial distress has been an ongoing story this year as the market improves along with the overall economy.
In the Charleston region, foreclosures have been shrinking, but they're still tracking slightly higher compared to the state and the nation as a whole.
The real estate information firm CoreLogic has the latest numbers, for October. The report says the rate for the Charleston-North Charleston area was 2.46 percent that month, down a point - or 29 percent - from the year-earlier period. The U.S. and statewide averages were, by comparion, 2.15 percent and 2.16 percent, respectively.
Back in 2011, the foreclosure rate for the Charleston area topped 4 percent and higher.
In another welcome trend, CoreLogic reports the region's mortgage delinquency rate continued to decrease. Less than 5 percent of mortgages were 90 days or more in arrears in October, down from 6.33 percent for the same period last year.
Local industry professionals will get an in-depth update on the state of their business Jan. 14 at the Charleston Trident Association of Realtors' market update, which will be held 8:30-11 a.m. at the Montague Terrace in North Charleston. The annual event will include an analysis and a 2014 forecast from Joseph Von Nessen, a research economist at the University of South Carolina.
Von Nessen has predicted that the Charleston region's housing market will stay on an upward trend in terms of sales and values this year as long as local job growth continues.
Reach Tyrone Richardson at 937-5550 or twitter.com/tyrichardsonPC.
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