Banking & Finance

Foreclosures Decline in Youngstown MSA During March

YOUNGSTOWN, Ohio – Foreclosure rates in March were down nearly a full percentage point from a year earlier in the metropolitan statistical area covering the Mahoning Valley and Mercer County, Pa.

The foreclosure rate for the Youngstown-Warren-Boardman, OH-PA metropolitan statistical area was 1.87%, down 0.92% from 2.79% in March 2014, reports CoreLogic, a California-based provider of property information and analytics.

The rate, despite the decline, was still higher than foreclosure rates statewide and around the country. The U.S. foreclosure rate in March was 1.39%, down nearly half a point from 1.86% a year earlier. Ohio’s foreclosure rate was also 1.39% in March, down from 1.87% in March 2014.

The mortgage delinquency rate also decreased in the Youngstown metro area as well as statewide and nationwide. Locally, the percentage of mortgages 90 or more days delinquent in March was 5.38%, down 1.32 percentage points from 6.70% in March 2014.

The rates of mortgage delinquency in Ohio and across the United States were each down nearly a full percentage point in March from a year earlier. The percentage of mortgages across the country 90 or more days delinquent was 3.73%, down from 4.66% a year earlier. In Ohio, 4.05% of mortgages in March were three or more months delinquent, compared with 5.04% a year earlier.

Published by The Business Journal, Youngstown, Ohio.