Mortgage delinquency in Providence metro drops in May

THE MORTGAGE DELINQUENCY RATE in both the Providence metro area and Rhode Island declined 0.8 percentage points year over year to 4.7 percent. / BLOOMBERG NEWS FILE PHOTO/DAVID CALVERT
THE MORTGAGE DELINQUENCY RATE in both the Providence metro area and Rhode Island declined 0.8 percentage points year over year to 4.7 percent. / BLOOMBERG NEWS FILE PHOTO/DAVID CALVERT

PROVIDENCE – The percentage of mortgages in some form of delinquency of more than 30 days, including foreclosure, in the Providence-Warwick-Fall River metropolitan area was 4.7 percent in May, a 0.8 percentage-point decline year over year, according to CoreLogic Tuesday.

The Ocean State was also reported to have a serious delinquency rate, which accounts for homes 90 days or more delinquent, including those in foreclosure, of 2 percent, a 0.6 percentage-point decline from 2.6 percent in May 2017. The foreclosure rate in May was 0.7 percent, a decline of 0.3 percentage points year over year.

Rhode Island was reported to have had the same mortgage delinquency rates and foreclosure rate as the Providence metro for both May 2017 and May 2018.

Nationally, 4.2 percent of mortgages were in some stage of delinquency over 30 days, a 0.3 percentage point decline year over year. The serious delinquency rate in the country was 1.8 percent, compared with 2 percent in May 2017. The foreclosure rate was 0.5 percent, a decline from 0.7 percent one year prior.

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In Massachusetts the mortgage delinquency rate was 3.8 percent in May 2018, a 0.5 percentage-point decline year over year. The serious delinquency rate was reported to have declined 0.5 percentage points to 1.5 percent in May. The foreclosure rate was 0.6 percent, 0.2 percentage points below May 2017’s rate.

The full report may be seen on CoreLogic’s website. (Registration is required to see the report.)

Chris Bergenheim is the PBN web editor. He can be reached at Bergenheim@PBN.com.