CoreLogic: R.I. foreclosure rate drops in August

THE FORECLOSURE rate fell in August in Rhode Island to 1.3 percent, according to CoreLogic. / COURTESY CORELOGIC
THE FORECLOSURE rate fell in August in Rhode Island to 1.3 percent, according to CoreLogic. / COURTESY CORELOGIC

PROVIDENCE – Rhode Island’s foreclosure inventory rate fell 0.3 percentage points over the year to 1.3 percent in August, but the number of completed foreclosures grew to 1,601 in August compared with 1,372 in August 2015, CoreLogic said Tuesday.
The mortgage delinquency rate – defined as loans that are 90 days or more past due – also fell, to 3.8 percent in August, from 4.8 percent in August 2015, according to CoreLogic.
Rhode Island is following national patterns, as CoreLogic said the national foreclosure inventory rate fell to 0.9 percent in August from 1.3 percent in August 2015. The real estate tracker said the national foreclosure inventory rate is the lowest it’s been since July 2007.
The national mortgage delinquency rate fell 20.6 percent to 2.8 percent in August, the lowest level since September 2007.
“Foreclosure rates and serious delinquency continued to trend down in August as real estate markets across many parts of the U.S. exhibit strong demand growth and rising prices,” Anand Nallathambi, president and CEO of CoreLogic, said in a statement. “With the foreclosure inventory now under 1 percent nationally, the need to boost single-family housing stocks through new construction will become more acute in the coming months and years.”

Florida had the highest number of completed foreclosures in the 12 months ending in August with 55,000, followed by Texas at 27,000 and Ohio, 23,000. The District of Columbia had the lowest number of completed foreclosures at 212, followed by North Dakota at 341 and West Virginia at 469. New Jersey had the highest foreclosure inventory rate in August at 3.2 percent, followed by New York at 2.9 percent and Maine, 1.8 percent. Colorado, Minnesota, Arizona, Utah and Michigan all had the lowest foreclosure inventory rate at 0.3 percent.

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