Foreclosure rate, mortgage delinquencies drop in May

THE FORECLOSURE RATE in the Providence-Warwick metro area came in at 1.77 percent in May, dropping from the 2.47 percent rate reported in May 2013. / COURTESY CORELOGIC
THE FORECLOSURE RATE in the Providence-Warwick metro area came in at 1.77 percent in May, dropping from the 2.47 percent rate reported in May 2013. / COURTESY CORELOGIC

IRVINE, Calif. – Both the foreclosure rate and the rate of delinquent mortgages in the region saw significant year-over-year declines in May, according to data released by CoreLogic Tuesday.
The real estate data tracking firm reported a 0.64 percentage point, or 26.6 percent, decline in the foreclosure rate for the Providence-Warwick metro area (in which the rate measures the percentage of loans in some state of the foreclosure process and does not include new foreclosure filings).
At the same time, CoreLogic reported that the foreclosure rate for Rhode Island fell 0.58 percentage points, or 23.5 percent, to 1.89 percent on a year-over-year basis. Both local rates exceed the national foreclosure rate, which came in at 1.73 percent in May, a 0.88 percentage point, or 33.7 percent, decline from May 2013.
Deliquencies of 90 days or more on mortgages in the metro area decline 0.93 percentage points, or 13.8 percent, in May compared with a year earlier to 5.83 percent, while they fell 1.01 percentage points, or 14.9 percent, to 5.79 percent across the state. The national rate came in at 4.44 percent, a decline of 1.2 percentage points, or 21.3 percent.
At the beginning of the year, the foreclosure rate for the metro area stood at 1.99 percent, while the 90+-day delinquency rate registered 6.29 percent. The metro area includes all of Rhode Island except for Newport County as well as all of Bristol County, Mass.
CoreLogic, based in Irvine, Calif., is a property information, analytics and services provider in the United States and Australia.

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