Mortgage Delinquencies Decline Locally in June
YOUNGSTOWN, Ohio — A new report by CoreLogic, a California-based data analytics company, finds 7.3% of mortgages in the Youngstown-Warren-Boardman area were delinquent by at least 30 days in June compared with 8.1% in June 2016.
Mortgages in serious delinquency in the region, defined as 90-plus days past due, totaled 3.2% in June compared with 4.0% in June 2016. The foreclosure inventory rate this June was 1.1% compared with 1.5% a year earlier.
Nationally, 4.5% of mortgages were in some state of delinquency during June, meaning they were 30 days or more past due including those in foreclosure. This represents a 0.8% decline in the overall delinquency rate compared to June 2016 when it was 5.3%, according to CoreLogic.
Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market, the company noted.
Copyright 2023 The Business Journal, Youngstown, Ohio.