CoreLogic: Foreclosure rate drops in March in Prov. metro., R.I.

CORELOGIC SAID foreclosure rates decreased in March in the Providence-Warwick metropolitan area, as well as in Rhode Island. / COURTESY CORELOGIC
CORELOGIC SAID foreclosure rates decreased in March in the Providence-Warwick metropolitan area, as well as in Rhode Island. / COURTESY CORELOGIC

PROVIDENCE – Foreclosure rates in the Providence-Warwick metropolitan area dipped two-tenths of a percentage point in March to 1.7 percent compared with the same period last year, according to data released Wednesday by CoreLogic.
Rhode Island’s rate of mortgaged properties that are in some stage of the foreclosure process decreased by three-tenths of a percentage point to 1.6 percent in March.
Foreclosure activity in both the Providence metro area and Rhode Island was higher than the national rate, which was 1.4 percent in March, a drop of 0.47 percentage points from March 2014.
The mortgage delinquency rate – the percentage of loans delinquent by 90 days or more – decreased eight-tenths of a percentage point in both the Providence metro area and Rhode Island in March to 5.2 percent each.
Nationally, the mortgage delinquency rate dropped nine-tenths of a percentage point to 3.7 percent.
In addition, Black Knight Financial Services released its home price index report this week, showing that nationally, March saw the largest monthly gain in home prices since June 2013. The HPI rose 4.8 percent on a year-over-year basis.
The average home price nationally was $245,000 in March, which nearly matched the average home price in the Providence metropolitan area at $246,000.
Providence’s average home price increased 3.5 percent from March 2014 and also increased eight-tenths of a percentage point from the previous month. The Providence metro ranked 33rd for its month-over-month change in HPI among the 40 largest metro areas, Black Knight said.
The peak price in the Providence metro area – $310,000 – was reached in June 2006. March’s HPI of $246,000 is 20.4 percent less than that price, according to Black Knight.

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