By PBN Staff
PROVIDENCE – The Providence-Fall River-New Bedford area foreclosure rate dropped 0.33 percentage points in October compared with the same period last year, CoreLogic said Thursday.
The California-based real estate data firm reported a foreclosure rate of 2.82 percent for the metro area in October, down 0.33 percentage points from the 3.15 percent reported in October 2011.
As the foreclosure rate fell, the percentage of seriously delinquent mortgages also dropped slightly in October. The number of mortgage loans that were 90 or more days delinquent dropped in the Providence metro area dropped 0.05 percentage points to 7.27 percent during October 2011.
Excluding Bristol County, Mass., Rhode Island’s foreclosure rate dropped 0.51 percentage points year over year to 2.96 percent in October. The Rhode Island 90-day delinquency rate dropped 0.05 percentage points in October to 7.37 percent.
The national foreclosure rate dropped 0.5 percentage points over the year in October to 3.06 percent. The national 90-day delinquency rate fell 0.72 percent year over year in October to 6.53 percent.