Foreclosure, delinquency rates drop in metro area for March

THE FORECLOSURE RATE in the Providence-Warwick metro area came in at 1.82 percent in March, dropping from the 2.89 percent rate reported in March 2013. The metro area foreclosure rate came in below the national average in March for a second consecutive month. / COURTESY CORELOGIC
THE FORECLOSURE RATE in the Providence-Warwick metro area came in at 1.82 percent in March, dropping from the 2.89 percent rate reported in March 2013. The metro area foreclosure rate came in below the national average in March for a second consecutive month. / COURTESY CORELOGIC

IRVINE, Calif. – The Providence-Warwick metro area saw its foreclosure rate decline in March to 1.82 percent compared with 2.89 percent during the same month a year earlier, real estate data firm CoreLogic reported Tuesday.

Foreclosures also dropped slightly on a month-over-month basis from the 1.89 percent rate reported in February, CoreLogic said.

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 Providence-Warwick area for March came in below the national foreclosure rate of 1.86 percent as well as the Rhode Island statewide rate of 1.93 percent. A year earlier, in March 2013, the U.S. foreclosure rate was 2.85 percent and the Rhode Island rate was 3.15 percent.

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The metro area also saw a decline in its mortgage delinquency rate for the month of March, dropping 1.11 percentage points to 5.97 percent from 7.08 percent the year before, according to the CoreLogic report. In February, 6.17 percent of mortgage loans were delinquent 90 days or more.

Despite the drop, Providence-Warwick’s mortgage delinquency rate for March remained higher than the national rate of 4.66 percent. In March 2013, 6.03 percent of mortgage loans were considered seriously delinquent in the United States.

CoreLogic, based in Irvine, Calif., is a property information, analytics and services provider in the United States and Australia.

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