PROVIDENCE – The rate of mortgage delinquencies in the Providence-Warwick metro area in March followed the national trend of decline, but still lags compared to the national average rate, according to a report released Tuesday by CoreLogic, a real estate information and analytics company.
The mortgage delinquency rate for the Providence-Warwick metro area was 5.5 percent, a decrease of 1.1 percentage points year over year. This includes all mortgage payments delinquent 30 days or more, including homes in foreclosure. This is 1.1 percentage points higher than the national average of 4.4 percent, which decreased 0.8 percentage points from March 2016.
Providence-Warwick homes in serious delinquency, or homes that are 90 days past due for payment, decreased 1.1 percentage points year over year to 2.7 percent of all mortgaged homes. This is 0.6 percentage points higher than the national average rate for serious delinquency.
Serious delinquency rates only increased in three states in March: Alaska, North Dakota, and Wyoming.
The foreclosure rate, or the share of mortgages in some stage of the foreclosure process, in the Providence-Warwick metro area fell 0.4 percentage points year over year in March to 1.1 percent compared to the national average of 0.8 percent.
“Dropping delinquency and foreclosure rates reflect the beneficial impact of stringent post-crisis underwriting standards as well as better fundamentals such as higher employment, household formation and home price gains,” said Frank Martell, president and CEO of CoreLogic, in the press release. “Looking ahead, we expect these positive trends to continue as the industry shifts its focus toward solving supply shortages and looming affordability crises in an increasing number of markets.”
March 2017 delinquency rates:
National:
30 days or more delinquency: 4.4 percent
90 days or more delinquency: 2.1 percent
Foreclosure rate: 0.8 percent
Rhode Island:
30 days or more delinquency: 5.5 percent
90 days or more delinquency: 2.8 percent
Foreclosure rate: 1.1 percent
Massachusetts:
30 days or more delinquency: 4.3 percent
90 days or more delinquency: 2.1 percent
Foreclosure rate: 0.9 percent
Providence-Warwick metro area
30 days or more delinquency: 5.5 percent
90 days or more delinquency: 2.7 percent
Foreclosure rate: 1.1 percent
Chris Bergenheim is the PBN web editor.
Come on now..Warwick?
It is the PROVIDENCE METRO.
Warwick is simply a suburb of Providence — like Cranston, Pawtucket, Newport, and Fall River.