Tri-Cities foreclosure, delinquent mortgage rates remain at pre-recession levels


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Foreclosure and delinquent mortgage rates remained at pre-recession levels in June, according to CoreLogic.

The Kingsport-Bristol foreclosure rate has been at 0.48% since April. That’s 0.16% less than it was June last year and the fifth straight month this year that it has been below the pre-recession norm of 0.5%.

Mortgages that were 90-days or more delinquent in June accounted for 2.58% of the four-county region’s outstanding mortgages, down 0.60% from the June 2014 rate.

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In the Johnson City MSA foreclosure rate dropped to 0.52% in June, down 0.22% from the same month last year.

Delinquent mortgages in the three-county MSA were 2.48% of outstanding mortgages, down 0.41% from June last year.

Foreclosure activity in both Tri-Cities MSAs was lower than the national benchmark for June.

The U.S. foreclosure rate was 1.28% and the delinquent mortgage rate was 3.51%.

Carter and Unicoi counties are the areas the Johnson City MSA where current foreclosure activity is rates highest – and that’s moderate (1.3-2%) on the CoreLogic metric.

A northwestern section of Hawkins County is the only area in the region with a high foreclosure rate (2.8%) in June. There are five portions of the four county region seeing moderate activity.

Washington County VA is the only county in the four-county Kingsport-Bristol MSA where the entire county is seeing moderate activity (0.8%).

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).

The 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 as provided by other data companies, but rather the current stock, or inventory, of loans in the foreclosure process which offers a comprehensive view of foreclosure trends. CoreLogic has approximately 85 percent coverage of foreclosure data.

 

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