R.I. mortgage delinquency declines in Nov.

MORTGAGE DELINQUENCY in Rhode Island declined 0.8 percentage points year over year to 4.7 percent. / BLOOMBERG NEWS FILE PHOTO/DAVID CALVERT
MORTGAGE DELINQUENCY in Rhode Island declined 0.8 percentage points year over year to 4.7 percent. / BLOOMBERG NEWS FILE PHOTO/DAVID CALVERT

PROVIDENCE – The November 30-day-or-more mortgage delinquency rate in Rhode Island was 4.7 percent, a 0.8 percentage point decline year over year, according to CoreLogic Tuesday.

The delinquency rate in Rhode Island was 0.6 percentage points higher than the 4.1 percent national delinquency rate, which declined from 5.2 percent in November 2017.

New England 30-day-or-more delinquency rates, compared with their November 2017 rate:

  • New Hampshire: 3.3 percent from 3.8 percent
  • Vermont: 3.4 percent from 3.9 percent
  • Massachusetts: 3.8 percent from 4.4 percent
  • Maine: 4.7 percent from 5.6 percent
  • Rhode Island 4.7 percent from 5.5 percent
  • Connecticut: 5 percent from 5.7 percent

The 90 day-or-more delinquency rate, or the serious delinquency rate, in Rhode Island in November was 1.7 percent, a decline from 2.3 percent one year prior. The national rate for serious delinquency was 1.5 percent in November, a decline from 2 percent in November 2017.

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The foreclosure rate in Rhode Island was 0.6 percent of mortgages in November, a 0.2 percentage point decline year over year. The national foreclosure rate was 0.4 percent in November, a decline from 0.6 percent one year prior.

“Solid income growth, a record amount of home equity and an absence of high-risk loan products put the U.S. homeowner on solid ground,” stated Frank Nothaft, chief economist for CoreLogic. “All of this has helped push delinquency and foreclosure rates to the lowest levels in almost two decades, and will provide a cushion if the housing market should turn down.”

In the Providence-Warwick-Fall River metropolitan area, the share of mortgages 30 days or more delinquent was 4.8 percent in November, a 0.8 percentage point decline year over year. The share of mortgages in serious delinquency was 1.7 percent for the month, a decline from 2.3 percent. The foreclosure rate in November was 0.6 percent for the metro, a drop from 0.8 percent one year prior.

The whole report may be viewed on the CoreLogic website, but requires free registration.