Milwaukee area foreclosure rate dips in February

Foreclosure rates in the metro Milwaukee area were down in February, compared to February of 2008, according to the latest date from Santa Ana, Calif.-based First American CoreLogic.

The rate of foreclosures among outstanding mortgage loans in the Milwaukee area is 1.6 percent for February, a decrease of 10 basis points compared to February of 2008.

The national foreclosure rate was 1.7 percent in February, up 40 basis points compared to February of 2007. The state foreclosure rate was 1.3 percent in February, up 10 basis points from February of 2007, according to First American CoreLogic.

However, the mortgage delinquency rate in the Milwaukee area increased in February as 4.2 percent of mortgage loans in the metro area were 90 days or more delinquent, compared to 3.4 percent for the same month last year, an increase of 80 basis points.

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