Foreclosures, delinquencies fall in Corridor

Foreclosure and mortgage delinquency rates fell in Cedar Rapids and Iowa City in January compared with the same month of 2014, according to CoreLogic of Irvine, Calif.

The rate of Cedar Rapids area foreclosures among outstanding mortgage loans was 0.94 percent for January, a decline of 0.52 percent compared with 1.46 percent in January 2014.

Foreclosure activity in Cedar Rapids also was lower than the national foreclosure rate, which was 1.46 percent in January. That compares with 2.04 percent in January 2014.

CoreLogic data showed 2.61 percent of Cedar Rapids mortgage loans were 90 days or more delinquent in January, compared with 3.17 percent for the same month of 2014.

The rate of Iowa City area foreclosures was 0.41 percent in January, a decrease of 0.36 percent compared with January 2014 when the rate was 0.77 percent.

CoreLogic data showed 1.12 percent of mortgage loans in Iowa City were 90 days or more delinquent in January compared with 1.65 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.