Corelogic: Providence metro mortgage delinquency rate declines in April

MORTGAGE DELINQUENCY IN the Providence metro area declined 1.1 percentage points year over year to 4.8 percent in April. The foreclosure rate in the area was 0.7 percent, a decline from 1 percent in April 2017. / BLOOMBERG NEWS FILE PHOTO/DAVID CALVERT
MORTGAGE DELINQUENCY IN the Providence metro area declined 1.1 percentage points year over year to 4.8 percent in April. The foreclosure rate in the area was 0.7 percent, a decline from 1 percent in April 2017. / BLOOMBERG NEWS FILE PHOTO/DAVID CALVERT

PROVIDENCE – Mortgage delinquencies of 30 days or more in the Providence-Warwick-Fall River metropolitan area declined 1.1 percentage points to 4.8 percent in April 2018 from a year earlier, according to Corelogic Tuesday.

In a report on mortgage performance in the United States, the Providence metro was shown to have had a 2 percent serious delinquency rate, a marker of mortgage delinquencies of 90 days more, a decline of 0.7 percentage points from a year earlier. Foreclosures in the metro area accounted for 0.7 percent of all mortgages, a 0.3 percentage point decline year over year.

Rhode Island mortgage delinquencies of 30 days or more were 4.7 percent in April, a 1.2 percentage point decline from 5.9 percent in April 2017.

Homes in serious delinquency in the Ocean State totaled 2.1 percent in April, a 0.6 percentage point decline from one year prior. Foreclosures accounted for 0.7 percent of mortgages in the state, a 0.3 percentage point decline year over year.

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“Job growth, home-price appreciation and full-doc underwriting have pushed delinquency and foreclosure rates to the lowest point in more than a decade,” said Frank Nothaft, chief economist for CoreLogic. “The latest CoreLogic Home Price Index report revealed the annual national home price growth was 7.1 percent in May, the fastest annual growth in four years. U.S. employers have also continued to employ more individuals, as employment rose by 2.4 million throughout the last 12 months with 213,000 jobs added last month alone. Together, this heightened financial stability is pushing delinquency and foreclosure rates to record lows.”

In Massachusetts, the percentage of mortgages in April in 30-day-or-more delinquency declined 0.9 percentage points year over year in April to 3.8 percent. Serious delinquencies declined 0.4 percentage points in that time to 1.6 percent of mortgages. Foreclosures in the Bay State accounted for 0.6 percent of mortgages, a 0.2 percentage point decline year over year.

Nationally, 4.2 percent of mortgages were 30 or more days past due, a 0.6 percentage point decline from April 2017. Serious delinquency on mortgages declined 0.1 percentage points year over year in April to 1.9 percent, and the national foreclosure rate declined 0.1 percentage points to 0.6 percent.

To view the full report, you may visit the Corelogic website. The site may require the user to provide contact information.

Chris Bergenheim is the PBN web editor.

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