R.I. foreclosure inventory drops in May

RHODE ISLAND'S foreclosure inventory was 1.5 percent in May, a four-tenths of a percentage point drop from May 2014, according to data released Tuesday by CoreLogic. / COURTESY CORELOGIC
RHODE ISLAND'S foreclosure inventory was 1.5 percent in May, a four-tenths of a percentage point drop from May 2014, according to data released Tuesday by CoreLogic. / COURTESY CORELOGIC

PROVIDENCE – Rhode Island’s foreclosure inventory was 1.5 percent in May, a four-tenths of a percentage point drop from May 2014, according to data released Tuesday by CoreLogic.
The Ocean State’s foreclosure inventory rate was slightly above the national average of 1.3 percent, which also fell four-tenths of a percentage point from a year ago.
Rhode Island had 1,613 completed foreclosures in the 12 months that ended in May, and a serious delinquency mortgage rate of 4.9 percent, which is above the national rate of 3.5 percent.
The national serious delinquency rate is at its lowest level since January 2008.
“With three million jobs created during the past year, the improving labor market has helped more borrowers stay current on their mortgage loan,” Frank Nothaft, chief economist at CoreLogic, said in a statement.
He said the national foreclosure inventory has come down to its lowest level in more than seven years, as 1.3 percent of loans are in foreclosure proceedings.
In May, the national foreclosure inventory dropped 3.1 percent from April, representing 43 months of consecutive month-over-month declines, according to CoreLogic.
Approximately 491,000 homes in the United States in May were in some stage of foreclosure compared with 676,000 in May 2014, CoreLogic said.

Four states and the District of Columbia had the highest foreclosure inventory as a percentage of mortgaged homes in May: New Jersey, 4.9 percent; New York, 3.7 percent; Florida, 2.9 percent; Hawaii, 2.5 percent; and Washington, D.C., 2.4 percent.
The five states with the lowest foreclosure inventory as a percentage of mortgaged homes in May: Alaska, 0.3 percent; and Colorado, Minnesota, Nebraska, North Dakota, all 0.4 percent.

Five states with the highest number of completed foreclosures for the 12 months ending in May 2015 were: Florida (104,000), Michigan (46,000), Texas (33,000), California (28,000) and Ohio (27,000). These five states accounted for almost half of all completed foreclosures nationally.
Four states and the District of Columbia had the lowest number of completed foreclosures for the 12 months ending in May 2015: South Dakota (19), District of Columbia (105), North Dakota (326), Wyoming (498) and West Virginia (500).

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