Two more Central Valley metros show declining foreclosure rates

SANTA ANA
July 29, 2010 12:17pm

Foreclosure rates in the Bakersfield-Delano metropolitan area and the Madera-Chowchilla metro declined in June compared to June of 2009, according to CoreLogic Inc., a Santa Ana-based foreclosure information company.

CoreLogic released figures for the majority of Central Valley metros on Wednesday; Bakersfield and Madera came available Thursday.

According CoreLogic, the rate of foreclosures among outstanding mortgage loans in the Bakersfield-Delano area in June was 3.79 percent, a decrease of -1.07 percentage points compared to June 2009 when the rate was 4.86 percent.

Foreclosure activity in Bakersfield-Delano is higher than the national foreclosure rate, which was 3.06 percent for June 2010, representing a 0.73 percentage point difference.

But the Bakersfield-Delano area mortgage delinquency rate has increased, says CoreLogic.

According to its data for last month, 14.18 percent of mortgage loans were 90 days or more delinquent compared to 13.04 percent for the same period last year, representing an increase of 1.14 percentage points.

Foreclosure rates in the Madera-Chowchilla metro area decreased for the month of June over the same period last year, according to CoreLogic.

The rate of foreclosures among outstanding mortgage loans was 3.55 percent last month, a decrease of -1.27 percentage points compared to June 2009 when the rate was 4.82 percent.

Foreclosure activity in Madera-Chowchilla is higher than the national foreclosure rate which was 3.06 percent in June, representing a 0.49 percentage point difference.

Also in Madera-Chowchilla, the mortgage delinquency rate has increased. According to CoreLogic data for June, 13.90 percent of mortgage loans were 90 days or more delinquent compared to 13.80 percent for the same period last year, representing an increase of 0.10 percentage points.