PROVIDENCE – The share of mortgages in Rhode Island delinquent 30 days or more in December was 4.7 percent, a decline of 1.1 percentage points year over year, according to CoreLogic Tuesday.
The delinquency rate in Rhode Island was higher than the national rate of 4.1 percent in the month, which declined from 5.3 percent one year prior.
Rhode Island had the fourth highest 30-day-or-more delinquency mortgage rate in New England. Colorado had the lowest delinquency rate of all states in December at 1.8 percent.
“On a national basis, income and home-price growth continue to support strong loan performance,” stated Frank Martell, president and CEO of CoreLogic
New England delinquency rates in December 2018:
- New Hampshire: 3.3 percent
- Vermont: 3.4 percent
- Massachusetts: 3.8 percent
- Rhode Island: 4.7 percent
- Maine: 4.9 percent
- Connecticut: 5.1 percent
The serious delinquency rate, or mortgages past due 90 days or more, in Rhode Island was 1.7 percent, 0.2 percentage points higher than the national rate of 1.5 percent and the fourth lowest rate in New England. The Ocean State serious delinquency rate declined from 2.3 percent one year prior.
The foreclosure rate in the sate was 0.6 percent in December, a decline from 0.8 percent in December 2017.
“Our latest home equity report found that the average homeowner saw a $9,700 increase in their equity during 2018,” stated Frank Nothaft, chief economist for CoreLogic. “With additional ‘skin in the game,’ rising equity reduces the chances of a foreclosure, helping to push the foreclosure rate down to its lowest level since at least 2000.”
New England serious delinquency and foreclosure rates in December 2018:
- New Hampshire: 0.9 percent serious delinquency, 0.2 percent foreclosure rate
- Massachusetts: 1.3 percent serious delinquency rate, 0.4 percent foreclosure rate
- Vermont: 1.3 percent serious delinquency rate, foreclosure rate of 0.6 percent
- Rhode Island: 1.7 percent serious delinquency rate, 0.6 percent foreclosure rate
- Connecticut: 2 percent serious delinquency rate and a foreclosure rate of 0.8 percent
- Maine: 2 percent of mortgages in serious delinquency and a foreclosure rate of 1 percent
In the Providence-Warwick-Fall River metropolitan area, the delinquency rate in December was 4.8 percent, a 1 percentage-point decline year over year. The serious delinquency rate in the region was 1.7 percent, a decline from 2.3 percent one year prior. The foreclosure rate in the metro area was 0.6 percent, a decline from 0.8 percent in December 2017.
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Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.