Home Foreclosures Decline in Cedar Rapids, Iowa City

By George C. Ford, Reporter

A home sits for sale in the Idyllwild neighborhood Friday, May 1, 2009 in Iowa City. (Brian Ray/The Gazette)

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By Liz Blood

CEDAR RAPIDS, Iowa - Home foreclosure rates in Cedar Rapids and Iowa City decreased in February over the same period last year, according to newly released data from CoreLogic, an Irvine, Calif., property information, analytics and services provider.

The rate of Cedar Rapids area foreclosures among outstanding mortgage loans was 2 percent in February, a decrease of 0.17 percent from 2.17 percent in February 2012.

Activity in Cedar Rapids was lower than the national foreclosure rate, which was 2.85 percent in February.

The foreclosure rate measures the percentage of loans in some stage of the foreclosure process.

The rate represents the current inventory of loans in the foreclosure process.

The Cedar Rapids mortgage delinquency rate also decreased in February. CoreLogic reported that 3.46 percent of mortgage loans were 90 days or more delinquent in February, compared with 3.61 percent for the same period last year.

The rate of Iowa City area foreclosures was 1.06 percent for February, a reduction of 0.21 percentage points compared with 1.27 percent in February 2012.

The mortgage delinquency rate also decreased in Iowa City. CoreLogic reported 1.89 percent of mortgage loans were 90 days or more delinquent in February, compared with 2.19 percent for the same period last year.

CoreLogic announced that it has acquired Case-Shiller, which creates and publishes the widely-followed Case-Shiller Indexes, from Fiserv Inc.

The Case-Shiller Indexes will be renamed the CoreLogic Case-Shiller Indexes. The S&P/Case-Shiller Home Price Indices will retain their brand name.

David Stiff, chief economist for Case-Shiller, will continue to supervise the preparation of the CoreLogic Case-Shiller Indexes and comment on the findings of those indexes. Mark Fleming, chief economist for CoreLogic, will continue to supervise the preparation of the CoreLogic HPI reports and comment on the findings of those reports.

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