CoreLogic: Providence-area foreclosure rate drops to 1.78%

THE FORECLOSURE RATE in the Providence-Warwick metro area came in at 1.78 percent in April, dropping from the 2.54 percent rate reported in April 2013. / COURTESY CORELOGIC
THE FORECLOSURE RATE in the Providence-Warwick metro area came in at 1.78 percent in April, dropping from the 2.54 percent rate reported in April 2013. / COURTESY CORELOGIC

IRVINE, Calif. – The foreclosure rate in the Providence-Warwick metro area dropped to 1.78 percent in April from 2.54 percent during the same month last year, real estate data firm CoreLogic reported Tuesday.
CoreLogic defines the foreclosure rate as the percentage of home loans in some stage of the foreclosure process, and does not include new foreclosure filings.
Foreclosure activity in the Providence-Warwick area for April came in just above the national foreclosure rate of 1.77 percent and well below the Rhode Island statewide rate of 1.9 percent. A year earlier, in April 2013, the U.S. foreclosure rate and the Rhode Island rate were both 2.66 percent.
The metro area also saw a decline in its mortgage delinquency rate for the month of April, dropping 0.95 percentage points to 5.91 percent from 6.86 percent the year before, according to the CoreLogic report.
Despite the drop, Providence-Warwick’s mortgage delinquency rate for April remained higher than the national rate of 4.54 percent and the Rhode Island rate of 5.87 percent.
CoreLogic, based in Irvine, Calif., is a property information, analytics and services provider in the United States and Australia.

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