PROVIDENCE – Mortgage delinquency of 30 days or more in Rhode Island declined 0.7 percentage points year over year to 4.9 percent in September, according to CoreLogic Tuesday.
The national mortgage delinquency rate was 4.4 percent in September, a 0.6 percentage-point decline year over year.
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The mortgage delinquency rate in Rhode Island was the third highest of any New England state, better than Connecticut at 5.3 percent and Maine at 5.1 percent. New Hampshire and Vermont were tied for the lowest delinquency rate in the region at 3.6 percent, followed by Massachusetts at 4.2 percent in September.
The serious delinquency rate in Rhode Island, or mortgages that were 90 or more days past due, was 1.8 percent in September, a 0.7 percentage-point decline year over year. The national serious delinquency rate in September was 1.5 percent of all mortgages.
The foreclosure rate in the Ocean State was 0.6 percent for the month, a 0.2 percentage point decline from 0.8 percent one year prior. The rate in Rhode Island was 0.1 percentage points higher than the national rate.
“Outside of areas affected by natural disasters, serious delinquency and foreclosure rates have declined steadily across the nation as the labor market has improved and home prices have risen,” stated Frank Martell, president and CEO of CoreLogic. “However, we have also seen a rise in high loan-to-value and high debt-to-income lending in our CoreLogic TrueStandings data, heightening the risk of a significant upturn in loan default if the economy slips into recession or home prices decline.”
CoreLogic also reported to PBN Tuesday that in the Providence metropolitan area, the mortgage delinquency rate was 5.1 percent in September, 0.2 percentage points higher than the Rhode Island rate and 0.6 percentage points lower year over year. The metro area’s serious delinquency rate was 1.8 percent, level with the Rhode Island figure and 0.6 percentage points lower than in September 2017.
The foreclosure rate in the Providence metro area was 0.6 percent in September, a 0.2 percentage point decline year over year and the same as for all of Rhode Island.
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Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.
