Later this year, construction crews will start building the first homes in the Nexton master-planned community in Summerville.

Developer MeadWestvaco Corp. is moving forward with Brighton Park Village, a 400-acre community planned to include 675 homes, an elementary school and a park, said Ken Seeger, president of Summerville-based MWV Community Development and Land Management.

"We will be delivering lots to homebuilders in September, so they will be starting construction of homes around September and delivering them sometime early next year," Seeger said.

He said MWV Community Development is still finalizing the roster of homebuilders.

Nexton is rising from a 4,500-acre tract near Interstate 26 and Highway 17A. It's approved for about 13,000 homes to be built over roughly 30 years. To date, most of the construction activity has been limited to commercial projects, including a hotel, restaurant and office space.

MWV Community Development is also seeking permits to construct a "welcome center" near the entrance to the community.

Seeger said the idea is to give visitors a one-stop overview of what Nexton is all about.

"It is also meant to be an interim welcome center that will be used in conjunction with Brighton Park Village residential and to refer people to that 'information center' and model complexes," he said.

The planned community will also include a mix of retail, office space, greenways, apartments and hotels.

Rate update

Real estate information firm CoreLogic reported that home loans in foreclosure totaled 1.86 percent of all outstanding mortgages in the Charleston-North Charleston-Summerville area in May. That's down from 1.94 percent in April and 3.05 percent in May 2013, according to the company's monthly data.

The Charleston region's foreclosure rate has been steadily decreasing this year, but it's still tracking higher than state and national averages. S.C. and U.S. foreclosure rates averaged 1.70 percent and 1.73 percent in May.