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.
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