Black Knight: R.I. again second in U.S. for most late mortgages

RHODE ISLAND was eighth highest in the U.S. in February for its percentage of noncurrent loans, Black Knight Financial Services said this week.

PROVIDENCE – Rhode Island was among the top five states in March with mortgages delinquent by 90 days or more, according to Black Knight Financial Services.
Rhode Island’s 90-day delinquency rate was 3.4 percent, behind only Mississippi at 4.7 percent. Louisiana was third at 3.2 percent, while Alabama was fourth at 3.1 percent and New Jersey fifth at 2.8 percent.
Rhode Island also landed in the category of states with the least drop in percentage of non-current mortgages – non-current means a combination of foreclosures and delinquencies as a percent of active loans in a state. Hawaii was first (or in this case, worst in the nation) at a 9.2 percent drop, followed by Wyoming at a 11.05 percent decrease; Rhode Island, an 11.07 percent drop; New Jersey, -11.45 percent; and Maine, -12.45 percent.

Black Knight said the national mortgage delinquency rate dropped below 5 percent in March to 4.7 percent for the first time since August 2007, and represents a year-over-year drop of 14.7 percent.
Mortgage prepayments also jumped 103 percent from March 2014. The national prepayment rate is 1.6 percent.
Black Knight said the foreclosure rate continues to decline, and is at 1.6 percent nationally. However, foreclosure starts increased 7 percent in March from the year-ago period to 94,100.

Nationally, the number of properties that have mortgages that are 30 or more days past due, but not in foreclosure, total 2,380,000, which is nearly 400,000 less than in March 2014. The number of properties that are 90 or more days past due, but not in foreclosure, number 971,000, 228,000 less than in March 2014.
The number of properties that are 30 or more days past due, or are in foreclosure, number 3,162,000 nationally, 678,000 less than March 2014.

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