Springfield foreclosure rate down in May

The Springfield foreclosure rate dropped to 0.75 percent in May, representing both a month-to-month and year-to-year decrease, according to the latest data released from real estate market tracker CoreLogic (NYSE: CLGX).

The May foreclosure rate dropped 0.79 percent from April and 1.21 percent from the same month a year ago, according to a news release. The foreclosure rate measures the percentage of loans that are in some stage of the foreclosure process.

According to CoreLogic, the May foreclosure rate for Missouri fell to 0.95 percent from 1.5 percent a year ago, while the U.S. rate decreased to 2.61 percent from 3.46 percent.

The Springfield mortgage delinquency rate - a precursor of foreclosures representing mortgage loans 90 days or more delinquent - registered at 2.63 percent in May, down from 3.37 percent in the same month a year ago. The Missouri mortgage delinquency rate decreased to 3.54 percent from 4.33 percent, and the U.S. rate dropped to 5.63 percent from 6.89 percent, according to the release.