Foreclosure and mortgage delinquency rates in the Cincinnati region declined sharply from the middle of 2012 to the middle of 2013, newly released data shows.
The drop occurred after foreclosure and delinquency rates stayed steady through 2011 and 2012.
The finding is important, because it’s a sign of the housing sector’s growing health. In addition, both foreclosures and short sales have been weighing down housing prices locally and in other cities hard hit by the housing bubble.
The rate of foreclosures among outstanding Cincinnati area mortgage loans was 2.11 percent for the month of June 2013, a decrease of 0.9 percentage points compared to June 2012. Foreclosure activity locally was lower than the national foreclosure rate, which was 2.49 percent for June 2013, according to CoreLogic, an Irvine, Calif.-based data analytics and services company that provided the data.
In addition, the mortgage delinquency rate dropped from mid 2012 to mid 2013. According to the CoreLogic data for June 2013, 5.24 percent of mortgage loans were 90 days or more delinquent compared to 6.24 percent for the same period last year, representing a decrease of 1.00 percentage points.