Mortgage delinquency rates, foreclosures decline in July

CEDAR RAPIDS - Foreclosure and mortgage delinquency rates fell in Cedar Rapids and Iowa City in July compared with the same month of 2013, according to CoreLogic of Irvine, Calif.

The rate of Cedar Rapids area foreclosures among outstanding mortgage loans was 1.08 percent for July, a decline of 0.66 percent compared with 1.74 percent in July 2013.

Foreclosure activity in Cedar Rapids also was lower than the national foreclosure rate, which was 1.66 percent in July. That compares with 2.44 percent in July 2013.

CoreLogic data showed 2.69 percent of Cedar Rapids mortgage loans were 90 days or more delinquent in July, compared with 3.11 percent for the same month last year.

The rate of Iowa City area foreclosures was 0.65 percent in July, a decrease of 0.23 percent compared with July 2013 when the rate was 0.88 percent.

CoreLogic data showed 1.4 percent of mortgage loans in Iowa City were 90 days or more delinquent in July, compared with 1.75 percent for the same month last year.

The foreclosure rate measures the percentage of loans in some stage of the foreclosure process. A foreclosure is defined as the legal process by which an owner's right to a property is terminated, usually because of default.

The mortgage delinquency rate measures the percentage of loans that are more than 90 days past due, including those in foreclosure and real estate owned by banks.