Springfield foreclosures drop in January

The Springfield foreclosure rate among outstanding mortgage loans dropped to 0.85 percent in January, compared to 1.28 percent in the same month of 2012.

Springfield foreclosure activity was lower than the national rate of 2.9 percent in January, according to the latest data from Santa Ana, Calif.-based real estate data tracking firm CoreLogic (NYSE: CLGX). The foreclosure rate measures the percentage of loans that are in some stage of the foreclosure process.

The Missouri foreclosure rate decreased to 1.07 percent from 1.52 percent in January 2012.

A precursor of foreclosures, the Springfield mortgage delinquency rate -  representing mortgage loans 90 days or more delinquent - registered at 3.09 percent in January, compared to 3.73 percent in the same month last year. The Missouri mortgage delinquency rate in January decreased to 4.03 percent from 4.72 percent a year before, while the national rate dropped to 6.34 percent from 7.36 percent, the release said.