WASHINGTON - South Carolina and North Carolina were among five states chosen Monday to receive tens of millions of dollars in new federal funds to help homeowners stay in their dwellings.
South Carolina will get $138 million, and North Carolina will receive $159 million under a new $600 million initiative by the Obama administration.
"Any funding toward foreclosure mitigation is going to be very welcome," said Clayton Ingram, a spokesman for the S.C. State Housing Finance and Development Authority.
Mortgage delinquency rates in South Carolina rose to almost 10.5 percent during the last quarter of 2009, the most recent figures available from the Mortgage Bankers Association show.
Nationwide, South Carolina was ranked 17th in delinquencies and 21st in foreclosures started.