Foreclosure rates on the rise


First Posted: 3/22/2011

LIMA Foreclosure rates in Lima increased for the month of December over the same period in 2009, according to information from tracking company CoreLogic.According to newly released data, the rate of foreclosures among outstanding mortgage loans was 2.62 percent for the month of December 2010, an increase of 0.74 percentage points compared to the previous year. Foreclosure activity in Lima remains lower than the national foreclosure rate, which was 3.58 percent.Data from CoreLogic also indicated the mortgage delinquency rate in Lima decreased. In December, 5.18 percent of mortgage loans were 90 days or more delinquent, compared to 5.73 percent in December 2009.As of December, 0.46 percent of homes with a mortgage in Lima were in real estate owned (REO) status, meaning after they were not sold at auction they were returned to the possession of the lender. That represents a decrease over 2009, when 0.59 percent of homes were in REO status.