PROVIDENCE – In August, 5.5 percent of mortgages in the Providence metropolitan area were in 30 days or more delinquency (including foreclosure), a decline of 0.8 percentage points year over year, according to CoreLogic Tuesday.
Nationally, 4.6 percent of all mortgages were in some stage of delinquency over 30 days, a 0.6 percentage-point decline year over year.
CoreLogic reported that 2.5 percent of properties in the Providence metro area were in serious delinquency (90 days or more past due), a decline of 0.6 percentage points year over year.
The national foreclosure rate was 0.6 percent in August, a 0.3 percentage-point decline year over year.
In Rhode Island, mortgage delinquencies over 30 days accounted for 5.5 percent of all mortgages, a 0.8 percentage-point decline year over year. Serious delinquency in the state declined 0.6 percentage points to 2.5 percent of all mortgages, the same as the Providence metro area. The foreclosure rate for the state was also the same as the Providence metro area, declining 0.3 percentage points year over year to 0.7 percent of mortgages.
In Massachusetts, the percentages of mortgages 30 or more days past due in August was 4.4 percent, 0.6 percentage points lower year over year. The serious delinquency rate was 1.9 percent in August, 0.5 percentage points lower than August 2016. The foreclosure rate in the Bay State was 0.8 percent in August, 0.2 percentage points lower year over year.
Rhode Island (5.5 percent) had the third-highest 30 days or more delinquency rate in New England behind Maine (5.7) and Connecticut (5.6 percent).
Mississippi had the highest 30 days or more delinquency in the nation at 8.4 percent. North Dakota had the lowest 30 days or more delinquency rate in the nation at 2 percent.
“Serious delinquency and foreclosure rates are at their lowest levels in more than a decade, signaling the final stages of recovery in the U.S. housing market,” Frank Martell, president and CEO of CoreLogic, said in a statement. “As the construction and mortgage industries move forward, there needs to be not only a ramp up in homebuilding, but also a focus on maintaining prudent underwriting practices to avoid repeating past mistakes.”
Chris Bergenheim is the PBN web editor.
