PROVIDENCE – The mortgage delinquency rate of 30 days or more in Rhode Island was 4.7% in June, a 0.1 percentage point decline year over year, according to CoreLogic Tuesday.
Rhode Island had the third highest mortgage delinquency rate in New England for the month, besting only Connecticut and Maine. However, Rhode Island was only one of two New England states with a mortgage delinquency rate of 30 days or more that declined year over year – Massachusetts was the other.
New Hampshire, at 3.7%, had the lowest mortgage delinquency rate in New England for June, but saw a 0.3 percentage point increase year over year.
The national mortgage delinquency rate was 4% in June, a 0.3 percentage point decline from last year.
“While the nation continues to post near-record-low mortgage delinquency rates, we are seeing signs of emerging stress in some states,” said Frank Martell, president and CEO of CoreLogic in a statement. “We saw rates jump in states such as Vermont, New Hampshire, Nebraska and Minnesota that weren’t tied to a natural disaster.”
New England mortgage delinquency rates in June:
- New Hampshire: 3.7%, a 0.3 percentage point increase year over year
- Massachusetts: 3.8%, a 0.1 percentage point decline year over year
- Vermont: 4%, a 0.7 percentage point increase year over year
- Rhode Island: 4.7%, a 0.1 percentage point decline year over year
- Maine: 5%, level with one year prior
- Connecticut: 5.1%, a 0.1 percentage point increase year over year
In Rhode Island, serious delinquency, or mortgage delinquency of 90 days or more was 1.7% of all mortgages, a 0.2 percentage point decline year over year. The foreclosure rate in the Ocean State was 0.6% in June, unchanged from one year prior.
Nationally, the serious delinquency rate in June was 1.3%, a decline from 1.7% one year prior. The foreclosure rate in June was 0.4%, a 0.1 percentage point decrease year over year.
“A strong economy and eight-plus years of home price growth have made mortgage foreclosure an infrequent event,” said Frank Nothaft, chief economist at CoreLogic. “This backdrop will help the mortgage market limit delinquencies in most of the country whenever a downturn should start.”
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Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.
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