Foreclosure, mortgage delinquency rates fall in May in Prov. metro, R.I.

CORELOGIC SAID foreclosure and mortgage delinquency rates decreased in the Providence-Warwick-Fall River metropolitan area and in Rhode Island in May. / COURTESY CORELOGIC
CORELOGIC SAID foreclosure and mortgage delinquency rates decreased in the Providence-Warwick-Fall River metropolitan area and in Rhode Island in May. / COURTESY CORELOGIC

PROVIDENCE – Foreclosure and mortgage delinquency rates decreased in the Providence-Warwick-Fall River metropolitan area and in Rhode Island in May, following national trends.
The foreclosure rate measures the percentage of loans in some stage of the foreclosure process, while the 90-day delinquency rate measures the percentage of loans that are more than 90 days delinquent, including those in foreclosure and REO (real estate owned), according to CoreLogic.
CoreLogic said Thursday that the foreclosure rate in the Providence metro fell to 1.47 percent, decreasing from 1.59 percent in May 2015.
In Rhode Island, the foreclosure rate was nearly the same as the Providence metro in May at 1.42 percent; Rhode Island’s rate dropped from 1.46 percent a year ago.
The U.S. foreclosure rate was significantly lower than both the rates for the Providence metro and Rhode Island at 1 percent. The U.S. rate was 1.32 percent a year earlier.
The 90-day mortgage delinquency rate decreased to 4.04 percent in the Providence metro in May, a 1.04 percentage point drop from 5.08 percent a year earlier.
Rhode Island’s 90-day mortgage delinquency rate also fell more than a percentage point during the same period, to 4 percent from 5.05 percent a year ago. In comparison, the U.S. mortgage delinquency rate was much lower, at 2.87 percent, a drop from 3.64 percent a year ago.

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