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CoreLogic: Merced foreclosure rates drop in September from year-earlier period

Foreclosure rates in Merced have decreased for the month of September over the same period last year, according to newly released data from CoreLogic.

The CoreLogic data reveal that the rate of Merced area foreclosures among outstanding mortgage loans is 3.94 percent for the month of September 2011, a decrease of 1.38 percentage points compared to September of 2010 when the rate was 5.32 percent.* Foreclosure activity in Merced is higher than the national foreclosure rate which was 3.48 percent for September 2011, representing a 0.46 percentage point difference.

Also in Merced, the mortgage delinquency rate has decreased. According to CoreLogic data for September 2011, 9.96 percent of mortgage loans were 90 days or more delinquent compared to 15.79 percent for the same period last year, representing a decrease of 5.83 percentage points.*

Merced, CA 90+ Day Delinquency Rate Foreclosure RateSeptember 2011 9.96% 3.94%August 2011 10.13% 3.80%July 2011 10.55% 3.84%June 2011 11.01% 3.88%May 2011 11.57% 3.99%April 2011 12.16% 4.27%March 2011 12.64% 4.70%February 2011 13.37% 5.02%January 2011 13.89% 5.20%December 2010 14.21% 5.45%November 2010 14.58% 5.47%October 2010 14.89% 5.21%September 2010 15.79% 5.32%August 2010 16.03% 5.32%July 2010 16.47% 5.15%June 2010 16.98% 5.16%May 2010 17.59% 5.16%April 2010 18.07% 5.25%March 2010 18.74% 5.61%February 2010 19.27% 5.79%January 2010 19.56% 5.85%December 2009 19.58% 6.18%November 2009 19.62% 6.43%October 2009 19.34% 6.59%September 2009 19.02% 6.54%August 2009 18.40% 6.68%July 2009 17.84% 6.50%June 2009 18.12% 6.41%May 2009 18.01% 6.68%April 2009 17.67% 6.58%March 2009 17.25% 6.40%February 2009 17.59% 5.53%January 2009 17.00% 5.03%Source: CoreLogic.

Data Notes and Definitions

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.

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