CoreLogic: Foreclosures fall nearly 7% in R.I.

IN RHODE Island, the foreclosure inventory was 1.6 percent in April, a three-tenths of a percentage point drop from a year ago. CoreLogic said Tuesday. / COURTESY CORELOGIC
IN RHODE Island, the foreclosure inventory was 1.6 percent in April, a three-tenths of a percentage point drop from a year ago. CoreLogic said Tuesday. / COURTESY CORELOGIC

PROVIDENCE – Completed foreclosures in Rhode Island fell 6.8 percent year over year for the 12 months through April to 1,566, CoreLogic said Tuesday.
Completed foreclosures also fell nearly 17 percent nationally during the same period to 537,648 from 646,114.

CoreLogic said that since the financial crisis began in September 2008, there have been approximately 5.7 million completed foreclosures nationwide. As of April, the national foreclosure inventory included approximately 521,000 homes, or 1.4 percent, of all homes with a mortgage compared with 694,000 homes, or 1.8 percent, in April 2014.
In Rhode Island, the foreclosure inventory was 1.6 percent in April, a three-tenths of a percentage point drop from a year ago. The serious delinquency rate – defined as mortgages that are 90 days or more past due – was 5 percent in the Ocean State in April, a nine-tenths of a percentage point decline from April 2014.
The national serious delinquency rate decreased 22.1 percent year over year in April, with 1.4 million mortgages, or 3.6 percent, in this category. That represents the lowest serious delinquency rate since February 2008, CoreLogic said.

“By mid-2011, after the Great Recession and at the trough of the house-price collapse, more than 1.5 million homes were in the foreclosure pipeline,” Frank Nothaft, chief economist for CoreLogic, said in a statement. “Employment recovery, foreclosure alternatives and home-value gains have worked to reduce this inventory. At CoreLogic, we found that April’s foreclosure inventory was down 25 percent from a year ago, falling to one-third the mid-2011 level.”
Anand Nallathambi, president and CEO of CoreLogic, said too many families still remain in default of their mortgage obligations “despite a slow and steady improvement in most housing market fundamentals.”
“The percent of homeowners with a mortgage that have missed three-or-more monthly payments or are in foreclosure proceedings dropped to 3.6 percent in our April data; while well below the record peak of nearly 9 percent and the lowest in more than seven years, it remains about double the pre-2007 rate,” Nallathambi said.

The five states with the highest number of completed foreclosures for the 12 months ending in April were: Florida, 106,000; Michigan, 49,000; Texas, 33,000; Ohio, 28,000; and Georgia, 27,000. These states accounted for almost half of all completed foreclosures nationally, CoreLogic said.
Four states and the District of Columbia had the lowest number of completed foreclosures for the 12 months through April: South Dakota, 20; the District of Columbia, 95; North Dakota, 318; West Virginia, 475; and Wyoming, 498.

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