Springfield foreclosures, mortgage delinquencies drop

The Springfield foreclosure rate dropped to 0.43 percent in November, below the state and national averages.

The local rate for the month - the most recently reported - represented a decrease of two-tenths of a point from November 2013, according real estate market tracker CoreLogic.

The Missouri foreclosure rate - measuring the percentage of mortgage loans in some stage of the foreclosure process - dropped to 0.6 percent from 0.87 percent a year earlier, while the U.S. figure decreased to 1.48 percent from 2.23 percent.

Springfield’s mortgage delinquency rate - a precursor of foreclosures representing mortgage loans delinquent by at least 90 days - decreased to 2.02 percent in November from 2.43 percent a year earlier, the release said.

According to CoreLogic, Springfield’s November foreclosure and mortgage delinquency rates are at their lowest points of the year.

The Missouri 90-day delinquency rate dropped to 3.05 percent from 3.5 percent a year earlier, and the U.S. rate fell to 4.11 percent from 5.11 percent, according to the release.

CoreLogic reported yesterday 563,294 completed foreclosures across the nation for the year ended Dec. 31, down from 662,113 in 2013. Missouri experienced 12,093 foreclosures during the year, an 18.7 percent decrease.

"The steady decline in the number of completed foreclosures is a good sign of healing in the U.S. housing market," said Anand Nallathambi, president and CEO of CoreLogic, in a release. "Nonetheless, there remain many pockets of the country with very high foreclosure inventories, underscoring the unevenness of the nation's housing recovery."[[In-content Ad]]