Foreclosure Rate Drops to 3.85% in Metro Area
IRVINE, Calif. -- Foreclosure rates in Youngstown-Warren-Boardman fell in May compared to May 2012, according to new data from CoreLogic. The figures represent the number of foreclosures in Mahoning and Trumbull counties in Ohio and Mercer County in Pennsylvania.
The rate in Youngstown-Warren-Boardman among outstanding mortgage loans was 3.85% in May, a decrease of 0.82% compared to May 2012 when the rate was 4.67%. Foreclosure activity in Youngstown-Warren-Boardman was higher than the national rate, 2.61% for May.
Also in Youngstown-Warren-Boardman, the mortgage delinquency rate fell. CoreLogic data for May show 7.4% of mortgage loans were 90 days or more delinquent compared to 8.28% for the same month last year, a decrease of 0.88%.
The 90-plus day delinquency rate measures the percentage of loans more than 90 days past due, including those in foreclosure and real estate owned. The foreclosure rate reflects the percentage of loans in some stage of foreclosure. A foreclosure is defined by the legal process as an owner's right to a property being terminated, usually becausse of default.
Published by The Business Journal, Youngstown, Ohio.
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