CoreLogic: R.I. foreclosure inventory rate slides in July

RHODE ISLAND'S foreclosure inventory rate was 1.5 percent in July, which was above the national rate of 1.2 percent, according to CoreLogic. / COURTESY CORELOGIC
RHODE ISLAND'S foreclosure inventory rate was 1.5 percent in July, which was above the national rate of 1.2 percent, according to CoreLogic. / COURTESY CORELOGIC

PROVIDENCE – Rhode Island’s foreclosure inventory rate was 1.5 percent in July, which was above the national rate of 1.2 percent, according to CoreLogic.
The serious delinquency rate for mortgages late by 90 days or more was 4.9 percent, again higher than the national rate of 3.4 percent.
Both the foreclosure inventory rate and serious delinquency rate are trending downward in the Ocean State, with the foreclosure inventory rate dropping five-tenths of a percentage point year over year in July, and the serious delinquency rate falling eight-tenths of a percentage point year over year.
In addition, there were 1,483 completed foreclosures in July, a 10 percent decrease from 1,655 registered in July 2014, CoreLogic said.
CoreLogic said that as of July 2015, the national foreclosure inventory included approximately 469,000, or 1.2 percent of all homes with a mortgage, compared with 650,000 homes, or 1.7 percent, in July 2014. The July foreclosure rate is the lowest nationally since December 2007, CoreLogic said.
July’s serious delinquency rate also was the lowest nationally since December 2007, reported CoreLogic. There were 1.3 million seriously delinquent mortgages in July, a decline of 23 percent year over year. A total of 3.4 percent of mortgages nationwide fall into this category, which also include loans in foreclosure or real estate-owned inventory, CoreLogic said.
“Job market gains and home-price appreciation help to push serious delinquency and foreclosure rates lower. The CoreLogic national HPI showed home prices in July rose 6.9 percent from a year earlier, building equity for homeowners,” Frank Nothaft, chief economist for CoreLogic, said in a statement. “Further, 2.4 million jobs were created, pushing the unemployment rate down from 6.2 percent in July 2014 to 5.3 percent this July and supporting family income growth for most owners.”
Anand Nallathambi, president and CEO of CoreLogic, said the housing market is continuing to pick up thanks to improving economic conditions and the “release of pent up demand for home ownnership.”
“The recovery in the housing market is also reflected in declining delinquency and foreclosure rates which, to some degree, reflects the progressive clearing of crisis-era loans and the benefits of tighter underwriting standards over the past six years,” Nallathambi said.
Five states with the highest number of completed foreclosures for the 12 months ending in July 2015 were: Florida (98,000), Michigan (47,000), Texas (33,000), California (27,000) and Georgia (27,000).
South Dakota (33), the District of Columbia (124), North Dakota (316), Wyoming (483) and West Virginia (553) had the lowest number of completed foreclosures for the 12 months ending in July.
Four states and the District of Columbia had the highest foreclosure inventory as a percentage of all mortgaged homes: New Jersey (4.8 percent), New York (3.7 percent), Florida (2.7 percent), Hawaii (2.5 percent) and the District of Columbia (2.4 percent).
Five states with the lowest foreclosure inventory rate as a percentage of all mortgaged homes were: Alaska (0.3 percent), and Minnesota, North Dakota, Utah and Nebraska, (all 0.4 percent).

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