Updated October 7 at 3:07pm

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Foreclosure rates drop


PROVIDENCE – The Providence-Fall River-New Bedford area foreclosure rate dropped 0.45 percentage points in January compared with January 2011, Corelogic said Tuesday.

The region’s foreclosure rate now stands at 2.73 percent of all outstanding mortgages, down from 3.18 percent in January 2011, according to the Santa Ana, Calif.-based real estate data firm.

It marked the third consecutive month with a year-over-year decline.

In January, the Providence area remained well below the national foreclosure rate of 3.43 percent.

Along with the foreclosure rate, the area’s 90-day mortgage delinquency rate also declined in January to 7.49 percent of all loans from 7.74 percent last January.

The Providence area includes Bristol County, Mass., and all of Rhode Island except Newport County.

In the Rhode Island portion of the area alone, the foreclosure rate in January fell 0.60 percentage points to 2.85 percent.

The Rhode Island mortgage delinquency rate fell 0.40 percentage points in January to 7.55 percent.


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