Kingsport-Bristol foreclosures, delinquent mortgages continue trending lower


By DON FENLEY

Foreclosure and delinquent mortgage rates in Kingsport-Bristol continued trending lower in January according to CoreLogic’s most recent report.

KB Jan 2015CoreLogic’s data show the rate of foreclosures in the four-county area among outstanding mortgage loans was 0.62%, down 0.19 points compared to January of 2014. Foreclosure activity in Kingsport-Bristol was lower than the national foreclosure rate, which was 1.46% for January 2015.

Kingsport-Bristol’s foreclosure rate is almost back to its traditional normal range of a half-of-a-percent of outstanding mortgages. The rate peaked at 1.81% of mortgages in October 2011 and has steadily declined since then. It dropped below the 1% range in July 2013.

The mortgage delinquency rate also decreased. The percent of mortgage loans 90 days or more delinquent was  3.09%, 0.47 percentage points lower than January 2014.

The 90+ Day Delinquency Rate measures the percentage of loans that are more than 90 days delinquent, including those in foreclosure and REO (real estate owned).

Foreclosure Rate measures the percentage of loans in some stage of the foreclosure process. A foreclosure is defined by the legal process by which an owner’s right to a property is terminated, usually due to default. This does not represent the number of new foreclosure filings.

 

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