SANTA ANA, Calif. – The foreclosure rate for single-family homes in the Providence-Fall River-New Bedford metropolitan area dropped for the fourth consecutive month in July, but remains higher than the same period last year, according to figures released from real estate tracking firm CoreLogic Tuesday.
The July 2011 foreclosure rate for the area was 2.9 percent, up from 2.64 percent in July 2010.
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Although higher than it was last year, the July foreclosure rate dropped from 3 percent in June and has been declining since March, when it was 3.21 percent, according to CoreLogic. July was the first month since November that saw a rate below 3 percent.
Along with the foreclosure rate, the rate of homeowners falling behind more than 90 days on their mortgages in the area dropped in July to 7.15 percent, the lowest rate since August 2009.
The foreclosure rate for Rhode Island stood at 3.16 percent in July, 0.45 percent above the rate a year earlier. The Ocean State rate remained below the national average of 3.44 percent in July, 0.24 percent higher than it was in July 2010.
