PROVIDENCE – Foreclosures in the Providence-New Bedford-Fall River metro area decreased for the month of July from the same period last year, according to a CoreLogic report released Tuesday.
The CoreLogic data reveals that the rate of metro-area foreclosures among outstanding mortgage loans was 2.3 percent in July, a decrease of 0.6 percentage points from July 2012, when that rate was 2.9 percent.
CoreLogic defines the foreclosure rate as the percentage of home loans in some stage of the foreclosure process and does not include new foreclosure filings.
Foreclosure activity in Providence-New Bedford-Fall River for July was lower than the national foreclosure rate of 2.4 percent. A year earlier, the U.S. foreclosure rate was 3.4 percent.
Statewide, the Rhode Island foreclosure rate reached 2.5 percent in July, down 0.6 percentage points from the July 2012 rate of 3.1 percent.
The mortgage delinquency rate also decreased in the Providence-New Bedford-Fall River metro area. According to CoreLogic report, 6.8 percent of mortgage loans were delinquent 90 days or more in July, compared with 7.4 percent for the same period last year.
The national mortgage delinquency rate was 5.4 percent in July and 6.9 percent a year earlier in July 2012.
In the Ocean State as a whole, mortgage delinquency topped 6.8 percent in July compared with 7.5 percent in July 2012.
CoreLogic, based in Irvine, Calif., is a property information, analytics and services provider in the United States and Australia.
Estate and Corporate Income Taxes are changing next year, and business owners and executives should know the details. The PBN Summit on November 6th will provide those details and more - including how much Obamacare's Employer Mandate could cost.
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.