CoreLogic: Mortgage delinquencies in Providence metro decline in July

MORTGAGE DELINQUENCIES 30 days or more in the Providence metro area declined 1.2 percentage points year over year to 5.6 percent in July. / BLOOMBERG FILE PHOTO/DAVID CALVERT
MORTGAGE DELINQUENCIES 30 days or more in the Providence metro area declined 1.2 percentage points year over year to 5.6 percent in July. / BLOOMBERG FILE PHOTO/DAVID CALVERT

PROVIDENCE – In July, 5.6 percent of all mortgages in the Providence metropolitan area were delinquent by 30 days or more, including homes in foreclosure, according to CoreLogic Inc. The delinquency rate in the metro area declined 1.2 percentage points year over year. Nationally, 4.6 percent of all mortgages were delinquent 30 days or more, a decline of 0.9 percentage points since July 2016.

The serious delinquency rate, which measures the portion of mortgages 90 days or more delinquent, was 2.5 percent in July in the Providence metro area, a decline of 0.9 percentage points year over year. The foreclosure rate in the area was 1 percent in July, a decline of 0.3 percentage points year over year.

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Nationally, the serious delinquency rate was 1.9 percent in July, a 0.6 percentage point decline. The foreclosure rate for the country declined 0.2 percentage points year over year to 0.7 percent.

The 30-day or more delinquency rate across Rhode Island was 5.5 percent in July, a decline of 1.3 percentage points year over year. The serious delinquency rate in the Ocean State fell 0.8 percentage points year over year to 2.6 percent. The foreclosure rate also declined from July 2016, to 0.9 percent from 1.3 percent.

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In Massachusetts, the 30-day or more delinquency rate in July was 4.4 percent, 1 percentage point lower than July 2016. The serious delinquency rate in Massachusetts was 1.9 percent, 0.7 percentage points lower than a year prior. The foreclosure rate declined 0.2 percentage points year over year to 0.8 percent.

Maine had the highest 30-day or more delinquency rate in New England at 5.8 percent, followed second by Connecticut at 5.6 percent. New Hampshire had the lowest 30-day or more delinquency rate in July at 3.7 percent, followed by Vermont’s 3.9 percent. Massachusetts (4.4 percent) and Rhode Island (5.5 percent) had the third and fourth lowest rates in New England, respectively.

North Dakota had the lowest 30-day or more delinquency rate in the country at 2.1 percent, while Mississippi had the highest rate at 8.4 percent.

Chris Bergenheim is the PBN web editor.

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