Foreclosure rates fell in Prov. metro in November

CORELOGIC SAID THAT foreclosure rates for the Providence-Fall River-Warwick area decreased in November to 1.68 percent. In November 2013, the rate was 2.14 percent. / COURTESY CORELOGIC
CORELOGIC SAID THAT foreclosure rates for the Providence-Fall River-Warwick area decreased in November to 1.68 percent. In November 2013, the rate was 2.14 percent. / COURTESY CORELOGIC

PROVIDENCE – Foreclosure rates in the Providence-Fall River-Warwick metropolitan area decreased year over year in November, according to data firm CoreLogic.
CoreLogic said the foreclosure rate among outstanding mortgage loans was 1.68 percent in November, a decrease of 0.46 percentage points compared with November 2013 when the rate was 2.14 percent. The foreclosure rate represents the percentage of mortgages at some point in the foreclosure process.
While the Providence-Fall River-Warwick foreclosure rate has been steadily dropping since June, it was slightly higher than the national foreclosure rate, which was 1.48 percent in November.
The mortgage delinquency rate also decreased, both locally and nationally.
CoreLogic said Providence-Fall River-Warwick had 5.54 percent of mortgage loans that were 90 days or more delinquent compared with 6.35 percent for the same period last year. It was higher than the national mortgage delinquency rate of 4.11 percent, however. In November 2013, the national mortgage delinquency rate was 5.11 percent.
Rhode Island’s foreclosure rate was 1.75 percent, a drop of 0.57 percentage points compared with November 2013’s 2.32 percent. And the Ocean State’s mortgage delinquency rate was 5.51 percent in November, compared with 6.33 percent in November 2013.

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