R.I. mortgage delinquency declines in Feb.

THE SHARE of delinquent mortgages in Rhode Island was 3.6% in February. / AP FILE PHOTO/DAVID ZALUBOWSKI
THE SHARE of delinquent mortgages in Rhode Island was 4.2% in February. / AP FILE PHOTO/DAVID ZALUBOWSKI

PROVIDENCE – The rate of mortgage delinquencies of 30 days or more in Rhode Island declined 0.5 percentage points year over year to 4.2% in February, CoreLogic said on Tuesday.

The national mortgage-delinquency rate was 3.6%, a decline from 4% one year prior. February marked the 26th consecutive month of declines.

“Delinquency and foreclosure rates were at a generational low in February, as the U.S. unemployment rate matched a 50-year low,” said Frank Nothaft, chief economist at CoreLogic. “However, the pandemic-induced closure of nonessential businesses caused the April unemployment rate to spike to its highest level in 80 years and will lead to a rise in delinquency and foreclosure. By the second half of 2021, we estimate a four-fold increase in the serious-delinquency rate, barring additional policy efforts to assist borrowers in financial distress.”

Other New England mortgage-delinquency rates in February:

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  • Connecticut: 4.5%, a 0.5 percentage point decline year over year
  • Maine: 4%, a 0.9 percentage point decline year over year
  • Massachusetts: 3.3%, a 0.5 percentage point decline year over year
  • New Hampshire: 2.9%, a 0.3 percentage point decline year over year
  • Vermont: 3%, a 0.4 percentage point decline year over year

Rhode Island’s serious-delinquency rate, or the share of mortgages in delinquency of 90 days or more, was 1.4% in February, a decline from 1.7% one year prior. The state’s foreclosure rate was 0.5%, a decline from 0.6% in February 2019.

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