Foreclosure rates in Valley increase

Foreclosure rates in Valley increase

YOUNGSTOWN

Foreclosure rates in the Youngstown-Warren- Boardman region increased in June compared with the same month last year, according to statistics released Thursday by CoreLogic.

The foreclosure rate was 4.71 percent for June 2011, an increase of 0.64 point compared with June 2010. Foreclosure activity in Youngstown- Warren-Boardman is higher than the national foreclosure rate of 3.46 percent.

The mortgage-delinquency rate decreased; 8.11 percent of mortgage loans were 90 days or more delinquent, compared with 8.37 percent during June 2010.

Firms invest $3.6B in Ohio companies

COLUMBUS

Private-equity firms invested more than $3.6 billion in 52 Ohio-based companies in 2010, according to new statistics released Thursday by the Private Equity Growth Capital Council.

Ohio ranked 12th in the U.S. in terms of deal value.

Private firms invested more than $148 billion in 1,234 companies nationwide in 2010.

Mortgage rates lowest in 60 years

WASHINGTON

Mortgage rates have reached their lowest levels in six decades, making this the best time in most Americans’ lives to buy or refinance a home. For people who qualify, today’s rates could save thousands of dollars a year.

Yet most people can’t take advantage. Half of would-be buyers say they’ll never save enough for the 20 percent down payment now usually required. And shrunken home values have erased much of the equity people need to refinance.

This week, the average rate on a 30-year fixed mortgage fell to 4.12 percent. It’s the lowest for a 30-year fixed loan since mortgage buyer Freddie Mac began tracking rates in 1971. The last time rates were cheaper was in 1951, when most long-term home loans lasted just 20 or 25 years.

The average on the 15-year fixed loan, a popular refinancing option, dropped to 3.33 percent this week. That’s also an all-time low, according to most economists.

Senate OKs overhaul of patent process

WASHINGTON

Congress gave President Barack Obama’s drive to promote job growth a boost Thursday by presenting him with a major overhaul of the patent system that the president has sought as a means to spur innovation and put more people back to work.

The Senate voted 89-9 to pass the patent bill and send it to Obama for his signature. The vote came a little more than an hour before Obama’s speech to a joint session of Congress on his jobs agenda and gave some evidence that lawmakers can, in an age of political division, occasionally find common ground.

The first major change in patent law in six decades is aimed at streamlining the patent process, reducing costly legal battles and giving the U.S. Patent and Trademark Office the money it needs to process patent applications in a timely fashion.

Staff/wire reports