ECONOMIC INDICATORS

Providence area foreclosure rate drops in March

COURTEY CORELOGIC
THE PROVIDENCE-New Bedford-Fall River-area foreclosure rate fell 0.50 percentage points in March compared with the same period in 2011, CoreLogic said Tuesday.
Posted 5/29/12

PROVIDENCE – The Providence-New Bedford-Fall River-area foreclosure rate fell 0.50 percentage points in March compared with the same period in 2011, CoreLogic said Tuesday.

The California-based real estate data firm reported 2.71 percent of outstanding mortgages in the area went into foreclosure during the month, down from 3.21 percent during the same period 2011.

That decline placed the region even further below the national foreclosure rate of 3.41 percent, which decreased 0.13 percentage points from last year.

The Providence area includes Bristol County, Mass. and all of Rhode Island except Newport County. Taken by itself, the Ocean State foreclosure rate fell 0.61 percentage points compared with March 2011 to 2.81 percent.

The Providence area 90-day mortgage delinquency rate fell more modestly in March, 0.06 percentage points compared with last March, and now stands at 7.44 percent.

Rhode Island’s mortgage delinquency rate fell 0.19 percentage points year-over-year to 7.50 percent.

The national mortgage delinquency rate fell 0.33 percentage points in March compared with March 2011 to 7.18 percent.

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