Feb. 26--Solano County foreclosure and mortgage delinquency rates fell again in December compared to the same time the year before, newly released CoreLogic data reveals.
According to CoreLogic, the rate of Vallejo-Fairfield area foreclosures among outstanding mortgage loans was 0.86 percent in December, a decrease of 1.11 percent compared to the previous December's 1.97 percent rate.
That puts the Vallejo-Fairfield area's foreclosure activity below the nation's 2.09 percent rate for December, CoreLogic officials said.
A map of Solano County foreclosures by ZIP Code, shows the lowest foreclosure activity here is in Vacaville, Benicia and pockets of Vallejo and Fairfield, where it's classified as low or moderately low (.8 percent to 13 percent). The map shows most of Fairfield, Suisun City and Vallejo as having moderate foreclosure activity (1.3 percent to 2 percent), with one small Vallejo area registering moderately high levels (2 percent to 2.8 percent).
The mortgage delinquency rate here also fell in December, when 3.57 percent of mortgage loans were 90 days or more delinquent compared to 6.49 percent for the same period the year before, according to CoreLogic. That's a nearly 3 percent decrease.
According to CoreLogic, delinquency rates have fallen from a high of more than 12 percent in January, 2011. Foreclosure rates have also fallen steadily from a high of 4.11 percent in January, 2011.
Solano Association of Realtors President Toni Foster said that while the figures are great news, she thinks they're more reflective of people refinancing than of homeowners' finances improving.
"I think it's because most of the people who were able to refinance or modify their mortgages have done that, keeping them out of foreclosure," she said. "I think mostly, it's more about that than about the economy growing or the number of jobs growing. Also, it's less of a risk to the banks, now that property values have increased."
Local Realtor Linda Cook calls the data "very encouraging," as it means we are emerging from the 'distressed sales' environment.
"Distressed sales at this time last year were a large component in Solano/Napa, and particularly in Vallejo," she said. "Prices were much lower then, but the buyers had to compete with residential investors, most of whom were able to pay cash thereby making their offers more attractive, to some, than the average family wishing to buy a home."
From a community standpoint, the reduction of distressed sales is always good, she said.
Contact staff writer Rachel Raskin-Zrihen at (707) 553-6824 or email@example.com. Follow her on Twitter @Rachelvth.
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