Kingsport-Bristol, Johnson City MSA foreclosure, delinquent mortgage rates down


By DON FENLEY

Oct MDOOThere was no sustained  regional trend pattern to Tri-Cities foreclosure and mortgage delinquency rates in the current Core-Logic reports on foreclosure and delinquent mortgages.

Foreclosures among outstanding loans in the four-county Kingsport-Bristol MSA were down in September when compared to the same month last year, but made a small increase from August. That broke the MSA’s  down-trend pattern.

In the three-county Johnson City MSA the September foreclosure rate was also lower on the year-to-year comparison. When compared to the previous month it has been declined for three straight months.

The Kingsport-Bristol September rate was 0.98%, down 0.31 points from September last year. That’s in the range of rates during the summer of 2009.

Oct foreclosuresPPThe Johnson City MSA rate was 0.89%, down 0.31 points from the same month last year.

Rates in both Tri-Cities MSAs were below the state and national September levels.

Tennessee’s September rate was 1.02% and the national rate was 3.25%.

September’s report shows 3.49% of the mortgage loans in the Johnson City MSA were 90 days or more delinquent. That’s a decline of 0.09 points from September last year.

Kingsport-Bristol’s delinquent mortgage was 3.67% compared to 4.13% during the same month last year.

Tennessee delinquency rate for September was 4.72% and the national rate was 5.21%.

CoreLogic’s delinquency rate is the percentage of loans that are more than 90 days delinquent, including those in foreclosure and REO).

The foreclosure rate does not include new filings. Instead it measures the percentage of loans in some stage of the foreclosure process from the current stock of loans in the foreclosure process.

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