February foreclosures trend downward

The foreclosure rate in Springfield decreased for the month of February compared to the same month in 2012, according to data released from real estate market tracker CoreLogic (NYSE: CLGX).

On April 26, Irvine, Calif.-based CoreLogic reported the percentage of outstanding mortgage loans at some stage in the foreclosure process was 0.84 percent for February, a decrease of 0.39 points compared to the same month last year when the rate was 1.23 percent.

Springfield foreclosure activity was lower than the state rate, at 1.08 percent, and significantly lower than the national foreclosure rate, which landed at 2.85 percent for February. In February 2012, the Missouri foreclosure rate was 1.53 percent and the national rate was 3.51 percent.

Also decreasing in February was Springfield’s mortgage delinquency rate, which measures the percentage of loans that are more than 90 days delinquent. According to the CoreLogic report, 2.9 percent of mortgage loans were 90 days or more delinquent compared to 3.58 percent for the same period last year.

The local movement paralleled declines across the state and U.S. In Missouri, mortgage delinquencies fell to 3.92 percent in February compared to 4.57 percent in the same month last year. The 90-day rate across the U.S. finished the month at 6.19 percent, down from 7.17 percent in February 2012.