Foreclosures, Mortgages Delinquencies Down in Valley
YOUNGSTOWN, Ohio — Foreclosure rates in the Youngstown-Warren-Boardman statistical metropolitan area decreased in December compared to the same month last year, according to newly released data from CoreLogic, a California-based provider of financial information.
The CoreLogic data show that the rate of foreclosures in he area among outstanding mortgage loans was 1.98% for December, down 1.20 percentage points compared to December 2013 when the rate was 3.18%. Still, foreclosure activity in the MSA was higher than the national foreclosure rate, which was 1.47% percent for December.
Meanwhile, the mortgage delinquency rate also fell in Youngstown-Warren-Boardman. According to CoreLogic data, 6.01% of mortgage loans were 90 days or more delinquent in December compared to 7.25% for the same period last year. That’s a decrease of 1.24 percentage points.
The delinquency rate measures the percentage of loans more than 90 days delinquent, including those in foreclosure and repossessed.
The foreclosure rate measures the percentage of loans in some stage of foreclosure. A foreclosure is defined as the legal process by which an owner’s right to a property is terminated, usually through default. This does not represent the number of new foreclosure filings as provided by other data companies, but rather the current stock, or inventory, of loans in foreclosure, which offers a comprehensive view of such trends, CoreLogic says.
Copyright 2023 The Business Journal, Youngstown, Ohio.