R.I. mortgage delinquency declines in Oct.

MORTGAGE DELINQUENCY in Rhode Island accounted for 4.3% of all mortgages in November. / BLOOMBERG NEWS FILE PHOTO/DAVID CALVERT
MORTGAGE DELINQUENCY in Rhode Island accounted for 4.3% of all mortgages in November. / BLOOMBERG NEWS FILE PHOTO/DAVID CALVERT

PROVIDENCE – The mortgage delinquency rate of 30 days or more in Rhode Island was 4.3% in October, a 0.3 percentage point decline year over year, CoreLogic said on Tuesday.

The national delinquency rate was 3.7 in October 2019, a 0.4 percentage point decline from one year prior.

The Rhode Island delinquency rate was tied for the second highest rate in New England with Maine, which saw a 0.5 percentage point decline year over year.

Other New England mortgage delinquency rates in October 2019:

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  • New Hampshire: 3%, a 0.3 percentage point decline year over year
  • Vermont: 3%, a 0.2 percentage point decline year over year
  • Massachusetts: 3.4%, a 0.4 percentage point decline year over year
  • Connecticut: 4.7%, a 0.3 percentage point decline year over year

No state in the country recorded a year-over-year increase in delinquency rates in October.

The serious delinquency rate, or mortgage delinquency over 90 days, in Rhode Island was 1.6% in October, a decline from 1.8% in October 2018. The national serious delinquency rate was 1.3% in October.

“Home price growth builds homeowner equity and reduces the likelihood of a loan entering foreclosure,” said Frank Nothaft, chief economist at CoreLogic. “The national CoreLogic Home Price Index recorded a 3.3% annual rise in values through October 2019, and price growth was the primary driver of the $5,300 average gain in equity reported in the latest CoreLogic Home Equity Report.”

The foreclosure rate in Rhode Island declined 0.1 percentage points in that time to 0.6% of all mortgages. The national rate at that time was 0.4%.

The full report can be viewed online but may require free registration.

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