Metro area foreclosures, loan delinquencies decline in July

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. More

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Metro area foreclosures, loan delinquencies decline in July

COURTESY CORELOGIC
FORECLOSURES IN THE Providence-New Bedford-Fall River metro area fell to 2.3 percent in July, below the state and national rates of 2.5 percent and 2.4 percent, respectively.
Posted 9/24/13

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.

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