Welcome to the Business Journal Archives
Search for articles below, or continue to the all new BusinessJournalDaily.com now.
Search
Foreclosure Rates Drop Slightly in Metro Region
YOUNGSTOWN, Ohio -- Foreclosure rates in Youngstown-Warren-Boardman decreased for the month of October over last year, according to new data from CoreLogic, an economic research organization based in Irvine, Calif. The mortgage delinquincy rate increased during the same period.
The CoreLogic data reveals that the rate of Youngstown-Warren-Boardman area foreclosures among outstanding mortgage loans was 4.43% for the month of October, a decrease of 0.25 percentage points compared to October of 2011 when the rate was 4.68%.
Foreclosure activity in Youngstown-Warren-Boardman was higher than the national foreclosure rate, which was 3.06% for October 2012.
Also in Youngstown-Warren-Boardman, the mortgage delinquency rate increased. As of October, 8.26% of mortgage loans were 90 days or more delinquent compared to 8.25% for the same period last year.
The foreclosure data measures the percentage of loans in some stage of the foreclosure process. A foreclosure is defined by the legal process by which an owner's right to a property is terminated, usually due to default. The figures do not represent new foreclosure filings but rather current inventory of loans in the foreclosure process.
Published by The Business Journal, Youngstown, Ohio.