Valley sees increase in rate of foreclosures

Staff report

YOUNGSTOWN

Foreclose rates and mortgage delinquency in the Youngstown-Warren-Boardman metropolitan area increased in March.

The rate of foreclosures among outstanding mortgage loans was 4.29 percent for the month of March, a 0.59 percent increase compared to March 2009, according to data released Wednesday by CoreLogic, a leading provider of financial, property and consumer information.

Mortgage delinquency rates increased 2.12 percent in March compared to a year earlier. In March 2010, 9.36 percent of mortgage loans were 90 days or more delinquent, compared to 7.23 percent in March 2009.

This is the 10th consecutive month that foreclosure and mortgage delinquency rates have risen in the area.

Foreclosure activity in the Youngstown, Warren and Boardman area was higher than both the state and national foreclosure rates. The U.S. foreclosure rate was 3.23 percent, and Ohio’s foreclosure rate was 3.09 percent.