Foreclosure rate falls in Prov. metro, R.I. in September

FORECLOSURE RATES fell in September in the Providence-Warwick-Fall River metropolitan area and in Rhode Island, CoreLogic said. / BLOOMBERG FILE PHOTO/JEFF KOWALSKY
FORECLOSURE RATES fell in September in the Providence-Warwick-Fall River metropolitan area and in Rhode Island, CoreLogic said. / BLOOMBERG FILE PHOTO/JEFF KOWALSKY

PROVIDENCE – The foreclosure rate in the Providence-Warwick-Fall River metropolitan area was 1.26 percent in September, a decrease of 0.57 percentage points compared with September 2015, CoreLogic said this week.
Rhode Island’s foreclosure rate slipped to 1.18 percent in September, a 0.62 percentage point decline over the year.

Despite the over-the-year decreases, the Providence metro and Rhode Island foreclosure rates were still higher than the national foreclosure rate, which was 0.86 percent in September, a four-tenths of a percentage point decline from a year ago.

Mortgage delinquency rates also fell in the Providence metro and in Rhode Island when comparing September with September 2015. This measures the percentage of loans that are more than 90 days delinquent, including those in foreclosure and real estate-owned.
The mortgage delinquency rate for the Providence metro declined to 3.52 percent from 4.9 percent, and fell to 3.48 percent from 4.89 percent in Rhode Island. Again, the national mortgage delinquency rate was lower, at 2.63 percent. The national rate also declined over the year, as it was 3.45 percent in September 2015
Foreclosure and mortgage delinquency rates have been steadily declining in the Providence metro since January, according to CoreLogic.

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