Corridor delinquencies, foreclosures fall

Foreclosure and mortgage delinquency rates continued to decline in February in Cedar Rapids and Iowa City on a year-over-year basis, according to CoreLogic of Irvine, Calif.

The rate of Cedar Rapids area foreclosures among outstanding mortgage loans was 0.86 percent for February, a decline of 0.48 percent compared with 1.34 percent in February 2014. The lower February rate continues a decline from 2.17 percent in February 2013 and 2 percent in February 2012.

Foreclosure activity in Cedar Rapids also was lower than the national foreclosure rate, which was 1.43 percent in February. That compares with 1.94 percent in February 2014.

CoreLogic data showed 2.52 percent of Cedar Rapids mortgage loans were 90 days or more delinquent in February, compared with 3 percent for the same month of 2014.

The rate of Iowa City area foreclosures was 0.38 percent in February, a decrease of 0.32 percent compared with February 2014 when the rate was 0.70 percent. The February rate continues a decline from 1.03 percent in February 2013 and 1.28 percent in February 2012.

CoreLogic data showed 1.09 percent of mortgage loans in Iowa City were 90 days or more delinquent in January compared with 1.63 percent for the same month of 2014.

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.