Tri-Cities foreclosure, delinquent mortgage rates trending lower


By DON FENLEY

ForeclosuresForeclosure and delinquent mortgage rates in the Tri-Cities continued performing at near pre-recession levels according to the March updates from CoreLogic.

Delinquent mortgages in both the Kingsport-Bristol and Johnson City MSA trended lower for the third straight month when compared to the same moths of the previous year.

mortgagesForeclosures in Kingsport-Bristol declined on the year-to-year comparison for three straight months then were unchanged in March.

The Johnson City MSA foreclosure trend has been a little more erratic. It began trending higher in Nov. last year then dipped in February only to increase in March.

Like the delinquent mortgage rate, foreclosures in both MSAs are at or very near pre-recession levels of a half of a percent.

In March the CoreLogic data shows that the rate of Kingsport-Bristol-Bristol area foreclosures among outstanding mortgage loans was 0.58%, a decrease of 0.08% compared to March of 2014. Foreclosure activity in Kingsport-Bristol-Bristol was lower than the national foreclosure rate, which was 1.39% for March.

Also in Kingsport-Bristol-Bristol, the mortgage delinquency rate decreased. According to CoreLogic 2.76% percent of mortgage loans were 90 days or more delinquent compared to 3.19% percent last year, representing a decrease of 0.43 percentage points.

The national delinquent mortgage rate in March was 3.73%.

The Foreclosure rate in the Johnson City MSA was 0.61% percent in March 2015, a decrease of 0.01%   to March last year/

Also in Johnson City, the mortgage delinquency rate decreased. According to CoreLogic data 2.66% of mortgage loans were 90 days or more delinquent compared to 3.03% last year, representing a decrease of 0.37 points.

CoreLogic’s 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).

CoreLogic’s 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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