Cedar Rapids, Iowa City foreclosure rates rise in May

Foreclosure rates in Cedar Rapids and Iowa City increased in May over the same period last year, according to Core-Logic, a real estate data and analysis company.

The rate of foreclosures among outstanding mortgage loans in Cedar Rapids was 1.75 percent for the month of May, an increase of 0.28 percentage points from 1.47 percent in May 2009.

In Iowa City, the rate of foreclosures among outstanding mortgage loans was 0.79 percent in May, an increase of 0.04 percentage points compared with 0.75 percent in May 2009.

Foreclosure activity in Cedar Rapids was lower than the national foreclosure rate, which was 3.15 percent in May, representing a 1.4 percentage point difference. Iowa City's foreclosure rate was 2.36 percentage points below the national foreclosure rate.

The mortgage delinquency rate also increased in Cedar Rapids.

CoreLogic data for May showed 3.7 percent of mortgage loans were 90 days or more delinquent, compared with 3.12 percent for the same period last year, representing an increase of 0.58 percentage points.

CoreLogic data showed the mortgage delinquency rate in Iowa City edged up to 1.91 percent in May from 1.55 percent for the same period last year, representing an increase of 0.36 percentage points.

Cedar Rapids, Iowa City foreclosure rates rise in May