R.I., Mass. foreclosure inventories continue decline in Aug.
THE FORECLOSURE RATE on homes in Rhode Island fell 0.8 percentage points to 2.4 percent in August compared with the same period last year, while the Massachusetts rate declined 0.4 percentage points to 1.7 percent.
PROVIDENCE – The Rhode Island foreclosure rate declined 0.8 percentage points in August compared with the same period last year, CoreLogic reported Tuesday.
According to the California-based real estate data firm, 1,592 homes or 2.4 percent of all residential mortgages in the state were in some part of the foreclosure process in August.
The state’s foreclosure rate was 2.2 percent in July.
The Ocean State’s serious delinquency rate – defined as loans that are 90 days or more past due – was 6.8 percent in August and July.
In Massachusetts, the August foreclosure rate declined 0.4 percentage points compared with August 2012. Bay State homes in foreclosure totaled 2,971 in August, holding the state foreclosure’s rate at 1.7 percent.
The serious delinquency rate in Massachusetts was 4.9 percent in August, down from 5 percent in July.
The national foreclosure rate in August was 2.4 percent and declined 1 percentage point from last year. The national serious delinquency rate was 5.3 percent.
Total foreclosures nationwide numbered 48,000 in August.
“The foreclosure inventory continues to improve, as exhibited by these recent numbers,” said Mark Fleming, chief economist for CoreLogic. “A surge in completed foreclosures and a rise in the foreclosure inventory is unlikely given continued house price improvements and shortages of supply in many markets.”