Foreclosures, Mortgage Delinquency Rates Decline in Corridor

By George Ford, Reporter

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By Aaron Hepker

CEDAR RAPIDS, Iowa - Foreclosure and mortgage delinquency rates declined in Cedar Rapids and Iowa City in October when compared with the same month of 2012, according to newly released data.

The rate of Cedar Rapids area foreclosures among outstanding mortgage loans was 1.58 percent for October, a decline of 0.50 compared with October 2012 when the rate was 2.08 percent.

Foreclosure activity in Cedar Rapids also was lower than the national foreclosure rate, which was 2.15 percent for October 2013, compared with 3.06 percent in the same period 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.

CoreLogic data showed 3.04 percent of Cedar Rapids mortgage loans were 90 days or more delinquent in October, compared with 3.52 percent for the same period last year.

The rate of Iowa City area foreclosures was 0.82 percent for October 2013, a decrease of 0.26 percent compared with October 2012 when the rate was 1.08 percent.

CoreLogic data showed 1.67 percent of mortgage loans in Iowa City were 90 days or more delinquent in October, compared with 2.03 percent for the same period last year.

The foreclosure rate statewide was 1.52 percent in October, down from 2.01 percent in the same month last year. CoreLogic reported 3.26 percent of mortgage loans in Iowa were 90 days or more past due in October, down from 3.80 percent in October 2012.

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