Gas prices in Ohio increase 8 cents

Gas prices in Ohio increase 8 cents

YOUNGSTOWN

Ohio gas prices jumped 8 cents since last week as refinery issues continue to pump up prices throughout the Midwest.

A survey from auto club AAA, the Oil Price Information Service and Wright Express puts the statewide average price for regular-grade gasoline at $3.88 a gallon, up from $3.80 May 30. The current national average is $3.77, which also is the average price of gas in the Mahoning Valley, according to AAA’s Fuel Gauge report.

A year ago, gas was more than $1 cheaper in Ohio, averaging $2.63 for regular.

Ohio’s prices still are lower than fellow Midwest states Michigan ($4.12 per gallon) and Illinois ($4.15).

Foreclosures rise

YOUNGSTOWN

Foreclosure rates in the Youngstown-Warren- Boardman market increased in March to 4.76 percent compared with 4.07 percent last March, according to statistics released Monday by CoreLogic.

Foreclosure activity in the market is higher than the national foreclosure rate — 3.57 percent.

The mortgage- delinquency rate has decreased: According to CoreLogic, 8.28 percent of mortgage loans were 90 days or more delinquent compared with 8.66 percent during the same period last year.

The national average is 7.54 percent.

Mazda to stop building car in US

DETROIT

Mazda Motor Co. has decided to stop building the midsize Mazda6 sedan in the U.S., raising questions about the future of a U.S. factory that it runs jointly with Ford Motor Co.

The Japanese automaker said Monday it will continue building the 6 at the factory in Flat Rock, Mich., near Detroit, until the end of the current model’s life cycle. But the next version of the 6 will be built at Mazda’s Hofu plant in Japan, the company said.

A company spokesman wouldn’t say when U.S. production would stop, nor would he say whether Mazda would pull out of the joint venture, called Auto Alliance International.

The company says that it made the decision mainly because of changing demand in North America. In Mazda’s case, people are buying more crossovers and small cars rather than midsize sedans, company spokesman Jeremy Barnes said.

Rules on delinquent loans are updated

WASHINGTON

Fannie Mae on Monday rolled out new rules that require home-loan servicers to communicate more directly with borrowers who have fallen behind on mortgage payments and expedite arrangements aimed at helping homeowners avoid foreclosure.

The new standards require servicers to take a more-consistent approach to how they deal with troubled borrowers, beginning in the initial months after a loan becomes delinquent, through any efforts to modify the terms of the loan and, if necessary, through the foreclosure process.

Staff/wire reports