Foreclosure, Mortgage Delinquency Rates Fall in Corridor

By George C. Ford, Reporter

CEDAR RAPIDS, Iowa - Foreclosure and mortgage delinquency rates in Cedar Rapids and Iowa City decreased for the month of July over the same period last year, according to newly released data.

The rate of Cedar Rapids area foreclosures among outstanding mortgage loans was 1.74 percent for July, a decline of 0.34 compared with July 2012 when the rate was 2.08 percent. Foreclosure activity in Cedar Rapids was lower than the national foreclosure rate, which was 2.43 percent for July 2013.

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 3.1 percent of Cedar Rapids mortgage loans were 90 days or more delinquent in July, compared with 3.52 percent for the same period last year.

The rate of Iowa City area foreclosures was 0.88 percent for July 2013, a decrease of 0.29 percent compared with July 2012 when the rate was 1.17 percent. CoreLogic data showed 1.75 percent of mortgage loans in Iowa City were 90 days or more delinquent in July, compared with 2.06 percent for the same period last year.

Statewide, the foreclosure rate was 1.7 percent in July, down from 2.11 percent in the same month last year. CoreLogic reported 3.32 percent of mortgage loans in Iowa were 90 days or more past due in July, down from 3.88 percent in July 2012.
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