CoreLogic: Late mortgages decline in Providence metro, R.I., in January

NATIONALLY, 5.3 percent of mortgages were late by 30 days or more in January, a 1.1 percentage point decline, and 2.5 percent of mortgages were in serious delinquency, a seven-tenths of a percentage point decline. /COURTESY CORELOGIC
NATIONALLY, 5.3 percent of mortgages were late by 30 days or more in January, a 1.1 percentage point decline, and 2.5 percent of mortgages were in serious delinquency, a seven-tenths of a percentage point decline. /COURTESY CORELOGIC

PROVIDENCE – The percentages of mortgages late by 30 days or more declined over the year in January in the Providence-Warwick-Fall River metropolitan area and in Rhode Island, following trends nationally, CoreLogic said this week.

In the Providence metro and in Rhode Island, the percentage of mortgages that were delinquent by 30 days or more was 6.4 percent, a decrease of 1.7 percentage points over the year. Another 3.3 percent of mortgages in the Providence metro were in serious delinquency, which is 90 or more days past due, a decline of 1.2 percentage points over the year.

In Rhode Island, 3.3 percent of mortgages also were in serious delinquency, but the percentage point decline was greater at 1.3.

Nationally, 5.3 percent of mortgages were late by 30 days or more, a 1.1 percentage point decline, and 2.5 percent of mortgages were in serious delinquency, a seven-tenths of a percentage point decline.

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Early-stage delinquencies, defined as 30-59 days past due, were trending lower in January at 2.1 percent compared with 2.4 percent a year ago. In addition, the share of mortgages that transitioned from current to 30 days past due was 0.9 percent in January compared with 1.2 percent in January 2016.

“The 30-plus delinquency rate, the most comprehensive measure of mortgage performance, is at a 10-year low and rapidly declining,” Frank Martell, president and CEO of CoreLogic, said in a statement. “While late-stage delinquencies remain in the pipeline in selected markets, early-stage delinquency performance is stellar and the lowest it’s been in two decades. The continued improvement in mortgage performance bodes well for the health of the market in 2017.”

The foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 1.1 percent in January in the Providence metro and in Rhode Island, a slight decline from 1.6 percent in both areas a year earlier. Nationally, the foreclosure inventory rate fell to 0.8 percent compared with 1.1 percent in January 2016, CoreLogic said.

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