Foreclosure rate falls in R.I., Prov. metro year over year in June, but rises compared with May

RHODE ISLAND AND THE PROVIDENCE-WARWICK METRO AREA (which includes Bristol County, Mass., but excludes Newport County for its counts) both saw year-over-year declines in their foreclosure and 90+ day mortgage delinquency rates, according to CoreLogic. / COURTESY CORELOGIC
RHODE ISLAND AND THE PROVIDENCE-WARWICK METRO AREA (which includes Bristol County, Mass., but excludes Newport County for its counts) both saw year-over-year declines in their foreclosure and 90+ day mortgage delinquency rates, according to CoreLogic. / COURTESY CORELOGIC

PROVIDENCE – The foreclosure rate for outstanding mortgage loans fell 0.4 and 0.16 percentage points in June from a year earlier in Rhode Island and the Providence-Warwick metro area, respectively, according to CoreLogic. But for both areas, the June rate represented an increase from May figures.
Rhode Island saw a 1.49 percent foreclosure rate in June (foreclosure rate is defined as the percentage of loans in some stage of the foreclosure process), compared with 1.89 percent in June 2014 and 1.4 percent in May. The Providence-Warwick metro had a 1.62 percent foreclosure rate in June, versus 1.78 percent in June 2014 and 1.57 percent in May. The national foreclosure rate was 1.28 percent in June, a drop of 0.43 percentage points from the June 2014 number and a slight improvement on the May figure of 1.3 percent.
The mortgage delinquency rate – defines as the percentage of mortgage loans that are more 90 days delinquent, including those in foreclosure and real estate owned – for the Ocean State fell 0.82 percentage points over the year in June to 4.95 percent. The rate showed a slight improvement over the May rate of 5 percent. The metro area delinquency rate for June was 4.98 percent, a 0.85 percentage point year-over-year decline and a 0.07 percentage point drop from the May rate of 5.05 percent. The U.S. mortgage delinquency rate was 3.51 percent in June, a 0.89 percentage point drop from a year earlier.
In the last 18 months, the foreclosure rate in the Providence-Warwick metro area has fallen to 1.62 percent from 1.98 percent, while the 90+ day loan delinquency rate has dropped to 4.98 percent from 6.4 percent.

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