Foreclosure rates in Merced have decreased for the month of June over the same period last year, according to CoreLogic.
According to newly released data from CoreLogic on foreclosures for the Merced area, the rate of foreclosures among outstanding mortgage loans is 3.88 percent for the month of June 2011, a decrease of 1.28 percentage points compared to June of 2010 when the rate was 5.16 percent.* Foreclosure activity in Merced is higher than the national foreclosure rate which was 3.46 percent for June 2011, representing a 0.42 percentage point difference.
Also in Merced, the mortgage delinquency rate has decreased. According to CoreLogic data for June 2011, 11.02 percent of mortgage loans were 90 days or more delinquent compared to 16.97 percent for the same period last year, representing a decrease of 5.95 percentage points.*
* Data and percentage point differences are rounded to the nearest tenth and may appear to affect calculations.
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Foreclosure rate measures the percentage of loans in some stage of the foreclosure process. A foreclosure is defined by the legal process by which an owner's right to a property is terminated, usually due to default. This does not represent the number of new foreclosure filings as provided by other data companies, but rather the current stock, or inventory, of loans in the foreclosure process which offers a comprehensive view of foreclosure trends. CoreLogic has about 85 percent coverage of foreclosure data.
Santan Ana-based CoreLogic (NYSE: CLGX) is a major provider of consumer, financial and property information, analytics and services to business and government.