PROVIDENCE – Rhode Island once again ranked the eighth-highest non-current loan percentage in the country for the month of March, Black Knight Financial Services reported on Wednesday.
The share of mortgage holders in Rhode Island who are 90 days or more behind on payment in the state is 6.3 percent, which is a 16 percent decrease year over year, but not enough to move from the eighth spot.
Nationally, both mortgage delinquencies and non-current loan percentages are on the decline. The national non-current loan percentage is 4.5 percent, a 15.3 percent decrease year over year, while national delinquency percentage is 3.6 percent.
The report said that the non-current percentage in Mississippi was the highest at 9.7 percent, while Colorado and North Dakota had the lowest non-current mortgage payment percentage at 2.1 percent. Massachusetts ranked No. 26 in the country for highest non-current mortgage percentage at 4.7 percent, a decrease of 17.9 percent year over year.
According to the report, the Rhode Island mortgage market is behind the national average in every measured state category in the Black Knight report.
The Ocean State’s delinquency percentage in March, which measures the percent of loans that are more than 30 days past due but not in foreclosure, was 4.9 percent compared to the national rate of 3.6 percent.
Rhode Island also had a foreclosure rate of 1.3 percent in March while the national foreclosure rate was 0.88 percent.
Chris Bergenheim is the PBN web editor.