R.I., Mass. foreclosure rates decline in September

The Rhode Island foreclosure rate declined 0.7 percentage points in September compared with the same period last year, CoreLogic reported Thursday. More

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R.I., Mass. foreclosure rates decline in September

COURTESY CORELOGIC
THE FORECLOSURE RATE in Rhode Island fell 0.7 percentage points to 2.3 percent in September compared with the same period last year, while the Massachusetts rate declined 0.5 percentage points to 1.6 percent, CoreLogic reported Thursday.
Posted 10/31/13

PROVIDENCE – The Rhode Island foreclosure rate declined 0.7 percentage points in September compared with the same period last year, CoreLogic reported Thursday.

According to the Irvine, Calif.-based real estate data firm, 2.3 percent of all residential mortgages in the state were in some part of the foreclosure process in September, matching the national foreclosure rate for that month. In August, the state’s foreclosure rate was 2.4 percent.

Completed foreclosures – an indication of the total number of homes actually lost to foreclosure – numbered 1,584 in Rhode Island for the 12 months ended in September, compared with 1,592 completed foreclosures during the 12 months ended in August.

The Ocean State’s serious delinquency rate – defined as loans that are 90 days or more past due – was 6.6 percent in September, down from 6.8 percent in August.

In Massachusetts, the September foreclosure rate declined 0.5 percentage points to 1.6 percent compared with September 2012. The foreclosure rate was 1.7 percent in August.

A total of 3,040 foreclosures were completed in Massachusetts in the 12 months ended in September, up from 2,971 foreclosures completed during the 12 months ended in August.

The serious delinquency rate in Massachusetts dropped slightly in September to 4.8 percent from 4.9 percent a month earlier.

The September national foreclosure rate of 2.3 percent represented a decline of 1 percentage point from September 2012. Completed foreclosures nationwide totaled 636,670 in the 12 months ended in September.

The national serious delinquency rate in September was 5.2 percent, down from 5.3 percent in August.

“The number of seriously delinquent mortgages continues to drop across the country at a rapid rate, with every state showing year-over-year declines in foreclosure inventory,” said Anand Nallathambi, president and CEO of CoreLogic, in the report. “We’re not out of the woods yet, but these are encouraging signs for a return to a healthier housing market in the U.S.”

The five states with the highest foreclosure inventories in September as a percentage of all mortgaged homes were Florida (7.4 percent), New Jersey (6.5 percent), New York (4.8 percent), Maine (4.0 percent) and Connecticut (3.7 percent).

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