Corridor Foreclosure Rates, Mortgage Delinquencies Improve

By George Ford, Reporter


By Ellen Kurt

CEDAR RAPIDS, Iowa - Mortgage foreclosure rates and delinquencies continued to stabilize or show improvement in the Cedar Rapids-Iowa City Corridor in April, another potential sign that the housing crisis is easing.

The rate of Cedar Rapids area foreclosures among outstanding mortgages was 1.87 percent in April, down from 1.98 percent in March and 2.18 percent in April 2012, according to CoreLogic of Irvine, Calif., a property information, analytics and services provider.

The percentage of delinquent mortgages in the Cedar Rapids area, those 90 days or more past due, also declined to 3.24 percent in April from 3.39 percent in March and 3.49 percent in the same month last year.

The foreclosure rate for the Iowa City area was 0.99 percent in April, unchanged from March but lower than the 1.22 percent recorded in April 2012, according to data from CoreLogic. The mortgage delinquency rate declined to 1.76 percent from 1.87 percent in March and 2.07 percent in April 2012.

The foreclosure rates for Cedar Rapids and Iowa City were lower than the national rate of 2.65 percent in April. The mortgage delinquency rates in the Corridor also compared favorably with the national rate of 5.76 percent.

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