Foreclosure and mortgage delinquency rates fell in Cedar Rapids and Iowa City in November 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 0.92 percent for November, a decline of 0.69 percent compared with 1.61 percent in November 2013.
Foreclosure activity in Cedar Rapids also was lower than the national foreclosure rate, which was 1.48 percent in November. That compares with 2.23 percent in November 2013.
CoreLogic data showed 2.62 percent of Cedar Rapids mortgage loans were 90 days or more delinquent in November, compared with 3.11 percent for the same month of 2013.
The rate of Iowa City area foreclosures was 0.48 percent in November, a decrease of 0.38 percent compared with November 2013 when the rate was 0.86 percent.
CoreLogic data showed 1.17 percent of mortgage loans in Iowa City were 90 days or more delinquent in November, compared with 1.68 percent for the same month of 2013.
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.
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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.