R.I. foreclosures drop in May

RHODE ISLAND'S FORECLOSURE rate fell to 1.8 percent in May, but remained above the national rate of 1.7 percent, according to CoreLogic. / COURTESY CORELOGIC
RHODE ISLAND'S FORECLOSURE rate fell to 1.8 percent in May, but remained above the national rate of 1.7 percent, according to CoreLogic. / COURTESY CORELOGIC

IRVINE, Calif. – In May, 1.8 percent of all residential mortgages in Rhode Island were in some stage of the foreclosure process, compared with 2.4 percent in May 2013, according to a report released Tuesday by real estate data firm CoreLogic.

There were 1,601 completed foreclosures in Rhode Island during the 12 months ended in May, fewer than during the same 12-month period last year, when there were 1,582 completed foreclosures. CoreLogic put Rhode Island’s “serious delinquency rate” – the percentage of loans at least 90 days past due – at 5.7 percent for May.

Rhode Island’s May foreclosure rate of 1.8 percent remained one-tenth of a percentage point above the national rate of 1.7 percent.

In Massachusetts, foreclosure inventory fell seven-tenths of a percentage point year over year to 1.1 percent in May, compared with 1.8 percent in May 2013. Actual completed foreclosures in the 12-month period ended in May totaled 2,817 in the Bay State, down from 4,002 foreclosures for the 12 months through May 2013.

- Advertisement -

The serious delinquency rate for Massachusetts was 4.3 percent in May.

The national foreclosure rate of 1.7 percent fell from 2.6 percent in May 2013. Completed foreclosures for the 12-month period through May totaled 594,945, compared with 753,698 the previous year. The serious delinquency rate for May was 4.4 percent.

“The pace of completed foreclosures slowed in May compared to last month but I expect this to be a temporary respite,” said Anand Nallathambi, president and CEO of CoreLogic. “There is still much more hard work to do to clear the backlog of foreclosed properties. Although difficult, we need to continue to aggressively clear distressed homes to ensure the return of a healthy housing market.”

The states with the highest percentage of foreclosure inventory in May included New Jersey at 5.8 percent, Florida at 5.2 percent, New York at 4.3 percent, Hawaii at 3.1 percent and Maine at 2.8 percent.

No posts to display