There's another sign of good news for the Twin Cities housing market: Fewer homeowners in the Twin Cities are having trouble paying the mortgage. CoreLogic said today that the foreclosure rate in the Twin Cities metro area was 1.04 percent during May, a decrease of 0.80 percentage points compared to May of 2012.
That's compared with a national foreclosure rate of 2.61 percent. Mortgage delinquencies are also falling. The group said that during May, 3.19 percent of all mortgage loans were 90 days or more delinquent compared to 4.42 percent for the same period last year - that's a decline of 1.23 percentage points.
Clearly, the declines are the byproduct of several factors, including a more upbeat economy, rising home prices and more effective loan-modification programs.
Foreclosure rates for the month declined in all Minnesota regions tracked by CoreLogic, including Rochester, Duluth and St. Cloud.