Foreclosure rates in Merced have decreased for the month of January over the same period last year, according to newly released data from CoreLogic in a news release.
The CoreLogic data reveals that the rate of Merced area foreclosures among outstanding mortgage loans is 3.51 percent for the month of January 2012, a decrease of 1.70 percentage points compared to January of 2011 when the rate was 5.21 percent. Foreclosure activity in Merced is higher than the national foreclosure rate which was 3.43 percent for January 2012.
Also in Merced, the mortgage delinquency rate has decreased. According to CoreLogic data for January 2012, 9.15 percent of mortgage loans were 90 days or more delinquent compared to 13.89 percent for the same period last year, representing a decrease of 4.74 percentage points.
90+ Day Delinquency Rate: This measures the percentage of loans that are more than 90 days delinquent, including those in foreclosure and REO (real estate owned).
Foreclosure Rate: This 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 approximately 85 percent coverage of foreclosure data.