PROVIDENCE – The share of mortgages in Rhode Island delinquent 30 days or more was 4.4% in April, a decline from 5.9% one year prior, CoreLogic said on Tuesday.
The state’s delinquency rate in April was second highest in New England but lower than the national rate of 4.7%. The U.S. mortgage delinquency rate was 6.1% in April 2020.
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 sharp rebound in the economy, as well as a potent combination of government fiscal and regulatory help, is fueling unprecedented demand for residential housing and enabling people to buy and stay in their homes,” said Frank Martell, president and CEO of CoreLogic. “The drop in delinquency rates is a further manifestation of the benefits of these tail winds. Barring an unforeseen change, we expect rates to continue to fall and home prices rise over the next 12-to-18 months.”
Louisiana had the highest delinquency rate in the country at 7.8%, while Idaho had the lowest at 2.3%. In New England, Connecticut had the highest rate of mortgage delinquency in the region in April, while New Hampshire had the lowest:
- Connecticut: 5.8%, a decline from 8% one year prior
- Maine: 4.1%, a decline from 5.8% one year prior
- Massachusetts: 3.9%, a decline from 5.1% one year prior
- Vermont: 3.4%, a decline from 4.9% one year prior
- New Hampshire: 3.3%, a decline from 4.5% one year prior
Despite the decline in 30-day-or-more delinquency, the share of Rhode Island mortgages in serious delinquency, or 90 or more days overdue, increased from 1.5% in April 2020 to 3% in April 2021. This mirrored the national trend, with the rate of serious delinquency in the country rising 2.1 percentage points year over year to 3.3%.
Foreclosure rates in Rhode Island declined year over year in April, falling from 0.5% of all mortgaged homes to 0.3%. At that time, the national foreclosure rate remained flat at 0.3%.
The full report may be found online.
