R.I. foreclosure inventory rate falls in June

RHODE ISLAND'S foreclosure inventory rate fell over the year in June to 1.4 percent, which is 9.6 percent lower than a year ago, CoreLogic said Tuesday. / COURTESY CORELOGIC
RHODE ISLAND'S foreclosure inventory rate fell over the year in June to 1.4 percent, which is 9.6 percent lower than a year ago, CoreLogic said Tuesday. / COURTESY CORELOGIC

PROVIDENCE – Rhode Island’s foreclosure inventory rate was 1.4 percent in June, 9.6 percent lower than a year ago, but above the national rate of 1 percent, CoreLogic said Tuesday.
Nationwide, the foreclosure inventory rate also declined over the year by nearly 26 percent. The June 2016 national foreclosure inventory rate is the lowest for any month since August 2007, according to CoreLogic.
New Jersey had the highest foreclosure inventory rate in June at 3.4 percent, while Colorado, Michigan, Minnesota, Nebraska and Utah all were tied for the lowest at 0.3 percent.
Foreclosure inventory represents the number of homes at some stage of the foreclosure process and completed foreclosures reflect the total number of homes lost to foreclosure.
Rhode Island had 1,454 completed foreclosures in the 12 months that ended in June, 3.9 percent less than 1,513 during the same time frame a year ago.
Nationwide, the number of completed foreclosures also fell during that same period to 459,839, which is 16.5 percent less than 550,434 a year ago. Florida had the largest number of completed foreclosures in June with 60,000, while the District of Columbia and North Dakota had the lowest at 179 and 321, respectively.
Rhode Island’s serious delinquency rate tumbled 22.4 percent over the year in June to 3.9 percent. That was higher than the national serious delinquency rate of 2.8 percent, which also experienced a year-over-year decline of 21.3 percent. The national serious delinquency rate in June was the lowest in nearly nine years, CoreLogic said.
Serious delinquency is defined as mortgages that are 90 days or more past due, including loans in foreclosure or real estate-owned.
“We expect the combination of continued home price appreciation of more than 5 percent and rising employment levels in the year ahead will help cement the gains we have had and perhaps accelerate them,” Anand Nallathambi, president and CEO of CoreLogic, said in a statement.

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