PROVIDENCE – The delinquency rate of mortgages 30 days or more in Rhode Island declined 0.5 percentage points year over year to 4.4% in September, according to CoreLogic Tuesday.
The national rate of mortgage delinquency in September was 3.8%, a decline from 4.4% one year prior. Rhode Island had the third-highest delinquency rate in New England, with Connecticut and Maine being higher.
“The strong labor market in the United States along with continued prudent underwriting practices for mortgage origination have combined to power favorable loan performance over the past few years,” said Frank Martell, CEO and president of CoreLogic in a statement. “Unemployment reached a 50-year low in September 2019, which helped push annual delinquency rates downward for the 21st consecutive month and we expect this trend to continue as we enter into the new year.”
New England mortgage delinquency rates for the month:
- New Hampshire: 3.2%, a 0.4 percentage point decline year over year
- Vermont: 3.2%, a 0.4 percentage point decline year over year
- Massachusetts: 3.6%, a 0.6 percentage point decline year over year
- Maine: 4.5%, a 0.6 percentage point decline year over year
- Rhode Island, 4.4%, a 0.5 percentage point decline year over year
- Connecticut: 4.8%, a 0.5 percentage point decline year over year
The serious delinquency rate, a measure of mortgages 90 or more days past due, in Rhode Island was 1.5% in September, a 0.3 percentage point decline from the previous year. The national serious delinquency rate was 1.3% for the month.
The foreclosure rate in Rhode Island was 0.5% of all mortgages, a tick down from 0.6% in September of 2018.
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