In the last three months of 2010, just under one in ten Ohioans were late on their mortgage payments. That's still a lot, but the people that collect the data, the Mortgage Bankers Association, say the number is falling. Its down nearly five percent in Ohio from the fall of 2010 and down 11 percent from a year ago. The MBA's chief economist says the trend is in line with what's going on nationally: mortgage delinquencies are falling to their lowest level in two years. In a statement, Jay Brinkmann says the country has 'turned a corner' in the mortgage crisis. Locally, Paul Bellamy, who heads the Cuyahoga County Foreclosure Prevention program, really wants to believe the news is good.
"In the early days Ohio was suffering and the rest of the country wasn't so we hope that if things are improving Ohio doesn't detach from the trend," he says. "I'll be more convinced as time goes on. But the general trend does seem to show an improvement in delinquencies."
The MBA credits improved unemployment numbers and better loan modification efforts. The MBA also says that many of the worst loans written in 2006 and 2007 have already gone through the foreclosure process. But the number of people in foreclosure still remains at record highs, thanks in part to banks playing catchup this past winter after a self-imposed moratorium last fall when questionable foreclosure paperwork issues slowed the process.
Mhari Saito, 90.3.