PROVIDENCE – The share of mortgage delinquency of 30 days or more in Rhode Island in October was 5.9%, a rise from 4.3% one year prior, CoreLogic said on Tuesday.
The United States delinquency rate in October was 6.1%, a rise from 3.7% one year prior.
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“After a financially challenging year, the healthy housing market and new stimulus measures are helping borrowers get back on their feet,” said Frank Martell. “Given these variables, we should begin to see a reduced flow of homes in delinquency in the coming months.”
Rhode Island had the second-highest rate of mortgage delinquency in New England, behind Connecticut.
Other New England delinquency rates:
- Maine: 5.6%, a rise from 4.3% in October 2019
- Massachusetts: 5.1%, a rise from 3.4% one year prior
- New Hampshire: 4.4%, an increase from 3% one year prior
- Vermont: 4.8%, a rise from 3.1% one year prior
- Connecticut: 7.6%, a rise from 4.7% one year prior
“During early autumn, the improving economy enabled more families to remain current on their home loan,” said Frank Nothaft, chief economist at CoreLogic. “In September and October, 0.8% of current borrowers transitioned into 30-day delinquency. This is the same as the monthly average for the 12 months prior to the pandemic, and well below the record peak of 3.4% of borrowers transitioning into delinquency that we observed in April 2020.”
Delinquency of 90 days or more in Rhode Island accounted for 3.8% of all mortgages, a rise from 1.6% one year prior. The foreclosure rate in the state was 0.4%, a decline from 0.6% in October 2019.
