Foreclosure Rate Drops in Youngstown-Warren Region
IRVINE, Calif. -- Foreclosure rates in Youngstown-Warren-Boardman decreased in April compared to April 2012. So did people in arrears in their mortgage payments, reports CoreLogic.
The rate of foreclosures among outstanding mortgae loans in the Youngstown-Warren-Boardman market was 3.92% for April, a decrease of 0.88% from April 2012 when the rate was 4.8%, CoreLogic reports. Foreclosure activity in Youngstown-Warren-Boardman was higher than the national rate, 2.65% for April.
April data show that 7.5% of mortgages were 90 or more days delinquent compared to 8.38% for the same period last year.
By comparison, the January 2011 foreclosure rate was 4.9% and the 90-day delinquency rate was 8.73%. In January 2012, the rates were 4.85% and 8.7%, respectively.
The foreclosure rate measures the percentage of loans in some stage of foreclosure. A foreclosure is defined by the legal process by which an owner's right to a property is terminated, usually because of default. The 90-plus day delinquency rate measures the percentage of loans more than 90 days delinquent, including those in foreclosure and real estate owned.
Published by The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our free daily email headlines and to our twice-monthly print edition.
Copyright 2014 Youngstown Publishing Co. DBA The Business Journal
Developed by Tyler Clark.