PROVIDENCE – The delinquency rate of mortgages of 30 days or more in Rhode Island declined 0.5 percentage points year over year to 4.2% in April, according to CoreLogic Tuesday.
The national delinquency rate declined 0.7 percentage points year over year to 3.6% in April.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
Learn More
“The U.S. has experienced 16 consecutive months of falling overall delinquency rates, but it has not been a steady decline across all areas of the country,” said Frank Martell, president and CEO of CoreLogic, in the report. “Recent flooding in the Midwest could elevate delinquency rates in hard-hit areas, similar to what we see after a hurricane.”
Rhode Island had the third-highest delinquency rate in New England ahead of Maine at 4.4% and Connecticut at 4.5%. Rhode Island’s mortgage delinquency rate was higher than Massachusetts at 3.2% in April and New Hampshire and Vermont at 3%.
Delinquency of 90 days ore more, or serious delinquency, in Rhode Island accounted for 1.6% of all mortgages, a 0.4 percentage point decline from April 2018.
The foreclosure rate in the Ocean State dipped 0.1 percentage points year over year to 0.6%.
The report may be viewed online, but may require free registration.
Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.
