Home foreclosure rates in the Treasure Valley in May are below the national average, a market research company said Wednesday.

Foreclosures accounted for 2.54 percent of outstanding mortgage loans, down 0.21 percentage points from May 2011, CoreLogic reported. The national average was 3.41 percent.

The mortgage delinquency rate also fell, with 5.3 percent of mortgage loans 90 days or more delinquent compared with 6.45 percent for the same period last year.

The falling rates are the latest indicators of improvement in the local housing market.