R.I. second among states with delinquent mortgages

RHODE ISLAND MADE the top five in two lists compiled by Black Knight Financial Services - non-current percentage, which combines foreclosures and delinquencies as a percent of active loans, and mortgage loans that are delinquent by 90 days or more. / COURTESY BLACK KNIGHT FINANCIAL SERVICES
RHODE ISLAND MADE the top five in two lists compiled by Black Knight Financial Services - non-current percentage, which combines foreclosures and delinquencies as a percent of active loans, and mortgage loans that are delinquent by 90 days or more. / COURTESY BLACK KNIGHT FINANCIAL SERVICES

PROVIDENCE – Rhode Island again was among the top five states with loans that are 90 days delinquent or more, according to Black Knight Financial Services.

Black Knight released data on Tuesday, showing that in November, Rhode Island’s percentage of loans that were delinquent by 90 days or more was 3.8 percent, the second highest in the country, trailing only Mississippi at 5.39 percent.

Rhode Island’s 90-day delinquency rate has been steadily climbing – in October, it was 3.55 percent; in September, it was 3.53 percent; and in August, 3.49 percent. November’s 90-day delinquency rate for Rhode Island marks a nearly 2 percent drop from November 2013. Its peak in this category occurred in February 2010, when the 90-day delinquency rate was 6.15 percent.

The rest of the top five states with mortgages that are late by 90 days or more are: Louisiana, 3.68 percent; Alabama, 3.66 percent; and Arkansas, 3.34 percent.

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Rhode Island also made another top five list: It was tied with Florida for fifth place for having foreclosures and delinquencies comprise 10.78 percent of active loans in the state. That list was topped by Mississippi at 14.88 percent, followed by New Jersey, 12.41 percent; Louisiana, 11.67 percent; and New York, 10.97 percent.

Rhode Island’s rate in this category dropped 7.86 percent, year over year.

Black Knight also said that the national delinquency rate was above 6 percent for the first time since February, showing a year-over-year drop of 5.69 percent. It also said that the national foreclosure inventory continues to decline, and has reached the lowest level since January 2008.

The total U.S. foreclosure pre-sale inventory rate was 1.63 percent, a nearly 35 percent drop from last year at the same time.

There were 3.1 million properties nationally that were 30 or more days past due, but not in foreclosure, in November, a drop of 153,000 from November 2013. That compares with 1.2 million properties nationally that are 90 or more days past due, but also not in foreclosure, a decrease of 120,000 from November 2013.

The national monthly prepayment rate – historically a good indicator of refinance activity – in November was 0.91 percent, a year-over-year increase of 3.68 percent.

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