State's foreclosure rates on decline, report shows

IRVINE, CA (WCSC) - A report generated by a California-based real estate tracking comp nay shows that the number of SC homes in foreclosure in October was down by almost 25 percent statewide from September, the Charleston Regional Business Journal reported Friday.

Officials told the CRBJ they expected November's numbers to drop more.

Between September and October, the state posted the fourth-largest drop in foreclosures in the nation, according to RealtyTrac. Compared to 2009, foreclosures in South Carolina are up about 6 percent. However, nationally, foreclosures were almost static from a year ago.

RealtyTrac's map shows that South Carolina ranks in the middle of the pack in foreclosure rate, with one in 670 homes in foreclosure. The national rate is one in 389.

In the Lowcountry, the counties all saw declines in October, but Berkeley and Dorchester counties were ranked as the first and third highest in the state for rate of foreclosures. In Dorchester County in October, one in every 303 homes was in distress, the report showed.

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