IRVINE, Calif. – Despite a six-tenths of a percentage point decline in the percentage of Rhode Island homes with a mortgage in the foreclosure process (to 1.9 percent) from July 2013 to July 2014, the Ocean State lagged the nation, which saw foreclosure inventory fall eight-tenths of a percentage point to 1.7 percent in the month, according to data published Wednesday by CoreLogic.
In addition, Rhode Island posted the second-highest percentage of homes that were 90 days or more behind on mortgage payments, as 5.7 percent of home loans were judged to be “seriously delinquent,” according to the real estate date tracker’s statistics for states with non-judicial process foreclosures. The national serious delinquency rate stood at 4.3 percent in July.
Completed foreclosures in the 12 months ending in July totaled 1,532 in Rhode Island, a decline from 1,604 in the same 12-month period a year ago. The state’s 4.5 percent decline fell far short of the 21.2 percent year-over-year decline experienced across the nation, as 45,000 foreclosures were completed in the time period. Since the beginning of the financial crisis in September 2008, there have been about 5.1 million completed foreclosures in the United States.
CoreLogic reported that as of July, roughly 640,000 homes were in some state of foreclosure (known as foreclosure inventory), compared with 976,000 a year earlier. The company noted that July represented the 18th consecutive month with a decline of at least 20 percent year over year in the national inventory of foreclosed homes.
“Based on current trends, the overall foreclosure inventory could trend down to as low as 500,000 homes by year end, which is very positive news for the housing market,” said Anand Nallathambi, president and CEO of CoreLogic.