Springfield foreclosure rate drops to 0.47%

The Springfield foreclosure rate dropped to 0.47 percent in May, down from 0.73 percent in the same month of 2013, according to real estate market tracker CoreLogic.

The Queen City's latest foreclosure rate - the percentage of mortgage loans in some stage of the foreclosure process - was lower than both that of Missouri and the nation, according to a news release.

Missouri's May foreclosure rate decreased to 0.63 percent from 0.95 percent a year ago, and the U.S. rate fell to 1.73 percent from 2.61 percent.

Springfield's May mortgage delinquency rate - a precursor of foreclosures representing mortgage loans delinquent by at least 90 days - moved to 2.16 percent from 2.63 percent a year ago. The Missouri rate ticked down to 3.12 percent from 3.56 percent, and the national average went to 4.44 percent from 5.64 percent a year ago, according to the release.