Metro-area foreclosures below national rate in August

Foreclosures in the Providence-New Bedford-Fall River metro area declined for the month of August compared with the same period last year, as well as compared with a month earlier, according to a CoreLogic report released Monday. More

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Metro-area foreclosures below national rate in August

COURTESY CORELOGIC
THE FORECLOSURE RATE in the Providence-New Bedford-Fall River metro area came in at 2.3 percent in August, below the state and national rates, which both came in at 2.4 percent.
Posted 10/21/13

IRVINE, Calif. – Foreclosures in the Providence-New Bedford-Fall River metro area declined for the month of August compared with the same period last year, as well as compared with a month earlier, according to a CoreLogic report released Monday.

The CoreLogic data reveals that the rate of metro-area foreclosures among outstanding mortgage loans was 2.26 percent in August, a decrease of 0.7 percentage points from August 2012, when that rate was 3 percent.

In July, the CoreLogic foreclosure rate for the metro area was 2.34 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 August was lower than the national foreclosure rate of 2.4 percent. A year ago, the U.S. foreclosure rate was 3.3 percent.

Statewide, the Rhode Island foreclosure rate reached 2.4 percent in August, down 0.8 percentage points from the August 2012 rate of 3.2 percent.

The mortgage delinquency rate also dropped in the Providence-New Bedford-Fall River metro area. According to CoreLogic report, 6.7 percent of mortgage loans were delinquent 90 days or more in August, compared with 7.4 percent during the same period last year.

The national mortgage delinquency rate was 5.3 percent in August and 6.8 percent a year earlier in August 2012.

In the Ocean State as a whole, mortgage delinquency fell to 6.7 percent in August compared with 7.5 percent in August 2012.

CoreLogic, based in Irvine, Calif., is a property information, analytics and services provider in the United States and Australia.

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