Foreclosure rates in the Nashville area decreased in February compared to February 2012 but ticked up ever so slightly from January, according to recently released data from CoreLogic. The CoreLogic data shows that the local rate of foreclosures among outstanding mortgage loans was 1.15 percent for February, a decrease of 0.55 percentage points compared to February 2012. Foreclosure activity in the area was lower than that of the national foreclosure rate, which was 2.85 percent for February. The rate of seriously delinquent mortgages ticked down more than 10 basis points from January and are now at their lowest level since May of 2009.
More corporate finance news out of Clarksville-based First Advantage Bancorp: After saying Monday it plans to take the company private next month, the board of directors has now voted to launch a repurchase plan for 5 percent of outstanding shares. The plan is the sixth since 2008 at First Advantage; the fourth and fifth have yet to be completed.
Cat Financial posted a first-quarter profit of $141 million, up 18 percent from last year, as its total asset base grew 14 percent to more than $35 billion. Before taxes, profits rose 10 percent from a year ago to $187 million. An improvement in asset quality — past dues ended March at about 2.5 percent, down from 3.2 percent a year ago — also helped lift earnings.