CoreLogic: R.I. foreclosure inventory rate unchanged in December at 1.7%

PROVIDENCE – Rhode Island’s foreclosure inventory rate was 1.7 percent in December, which was unchanged from December 2014, CoreLogic said Tuesday.
The Ocean State’s foreclosure inventory rate was higher than the national rate of 1.1 percent. December’s national foreclosure inventory rate was the lowest for any month since November 2007, CoreLogic said.
New Jersey had the highest foreclosure inventory rate in December at 4.2 percent, while Alaska had the lowest at 0.3 percent.
Foreclosure inventory represents the number of homes that are in some stage of the foreclosure process; completed foreclosures reflect the total number of homes lost to foreclosure.
Rhode Island had 1,181 completed foreclosures in the 12 months that ended in December, compared with 1,658 during the prior-year period, a 28.8 percent decline. During the same period, completed foreclosures nationally fell to 476,419 from 603,028, a nearly 21 percent decline.
Florida had the highest number of completed foreclosures for the 12-month period ending in December at 79,109, while the District of Columbia and North Dakota had the lowest, at 81 and 220, respectively.

“Reflecting on the full-year foreclosure results for 2015, we can see that completed foreclosures are down more than 20 percent for the year, which is the lowest level since 2006, before the crisis,” Frank Nothaft, chief economist for CoreLogic, said in a statement.

Said Anand Nallathambi, president and CEO of CoreLogic, “The supply of distressed inventory continues to shrink rapidly. While this is positive for the housing market overall, it also drives a decline in the inventory of affordable for-sale homes. The lack of housing stock, particularly affordable inventory, is a growing issue and will limit a full housing recovery in the short to medium term.”
CoreLogic also reported that the number of mortgages in serious delinquency – those that are 90 days or more past due – fell to 3.2 percent nationally in December from 4.1 percent a year ago. December’s serious delinquency rate also is the lowest since November 2007, CoreLogic said. In Rhode Island, the serious delinquency rate was 4.5 percent in December, a drop from 5.5 percent in December 2014.

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