R.I. foreclosure inventory drops in January

CORELOGIC REPORTED THAT Rhode Island's foreclosure inventory was 1.6 percent in January, a 0.5 percentage point drop from January 2014. / COURTESY CORELOGIC
CORELOGIC REPORTED THAT Rhode Island's foreclosure inventory was 1.6 percent in January, a 0.5 percentage point drop from January 2014. / COURTESY CORELOGIC

PROVIDENCE – Rhode Island’s foreclosure inventory was 1.6 percent in January, a 0.5 percentage point drop from a year ago, according to data from CoreLogic.
The Ocean State also had 1,531 completed foreclosures for the 12-month period ending in January, a 3.2 percent drop from the 1,583 that were recorded during the prior-year period. In addition the serious delinquency rate for mortgages was 5.5 percent in January.
In a list of 26 non-judicial states, which means lenders can issue notices of default directly to the borrower without court intervention, Rhode Island ranks 20th for its number of completed foreclosures.
CoreLogic said that nationally, foreclosure inventory dropped 33.2 percent and completed foreclosures declined 22.5 percent in January compared with January 2014. There were also 43,000 completed foreclosures in January, compared with 55,000 in January 2014. CoreLogic said completed foreclosures have declined every month for the past 37 months.

Before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month between 2000 and 2006.
In January, 549,000 homes nationwide were in some stage of foreclosure, a 33 percent drop from January 2014’s 822,000 homes.
“Job growth and home-value appreciation have worked to push the serious delinquency rate to the lowest since mid-2008 and foreclosures down by one-third from a year ago,” Frank Nothaft, chief economist at CoreLogic, said in a statement. “With economic growth in 2015 expected to be better than last year, further declines in both delinquencies and foreclosures are projected for this year.”
“The foreclosure inventory continues to shrink with declines in all 50 states over the past 12 months,” Anand Nallathambi, president and CEO of CoreLogic, said.
Five states with the highest number of completed foreclosures for the 12 months ending in January were: Florida (111,000), Michigan (51,000), Texas (34,000), California (30,000) and Georgia (28,000). These five states accounted for almost half of all completed foreclosures nationally.
Four states and the District of Columbia experienced the lowest number of completed foreclosures for the 12 months ending in January: South Dakota (22), the District of Columbia (66), North Dakota (336), West Virginia (511) and Wyoming (532).
Four states and the District of Columbia experienced the highest foreclosure inventory as a percentage of all mortgaged homes: New Jersey (5.2 percent), New York (4.0 percent), Florida (3.5 percent), Hawaii (2.7 percent) and the District of Columbia (2.5 percent).
Five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were Alaska (0.3 percent), Nebraska (0.4 percent), North Dakota (0.4 percent), Arizona (0.5 percent) and Montana (0.5 percent).

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