Home mortgage foreclosure and delinquency rates in Cedar Rapids and Iowa City fell in May over the same period last year, according to data released by CoreLogic of Irvine, Calif.
The rate of Cedar Rapids area foreclosures among outstanding mortgage loans was 1.88 percent for May, a decrease of 0.22 percent from 2.1 percent in May 2012. Foreclosure activity in Cedar Rapids was lower than the national foreclosure rate of 2.61 percent for May, down from 3.46 percent in the same month last year.
The foreclosure rate measures the percentage of loans in some stage of the foreclosure process. A foreclosure is defined by the legal process by which an owner’s right to a property is terminated, usually due to default.
The foreclosure rate does not represent the number of new foreclosure filings, but rather the current inventory of loans in the foreclosure process.
The Cedar Rapids mortgage delinquency rate also declined in May. CoreLogic reported 3.23 percent of mortgage loans were 90 days or more delinquent, compared with 3.55 percent for the same period last year, representing a decrease of 0.32 percentage points.
The national rate of mortgages 90 days or more past due was 5.63 percent in May, down from 6.89 percent in the same period of 2012, according to CoreLogic.
The rate of Iowa City area foreclosures among outstanding mortgage loans was 0.96 percent for May, a decrease of 0.17 percent from 1.13 percent in May 2012.
The mortgage delinquency rate in Iowa City also declined in May over the same period last year. CoreLogic reported 1.72 percent of mortgage loans were 90 days or more delinquent in May, compared with 2.07 percent for the same period last year, representing a decrease of 0.35 percent.
Mortgage delinquency and foreclosure rates in Cedar Rapids and Iowa City have generally fallen over the last year, with some occasional single-month increases. The rates have always been lower than the national rates tracked by CoreLogic.