PROVIDENCE – In March, 4.1% of mortgages in Rhode Island were delinquent 30 days or more, a 0.7 percentage point decline year over year, CoreLogic said on Tuesday.
Nationally, 3.6% of all mortgages were in delinquency for the month, a decline from 4% one year prior.
Rhode Island’s mortgage delinquency rate was tied for second highest in New England with Maine, behind Connecticut.
“The first three months of 2020 reflected one of the strongest quarters for U.S. mortgage performance in recent history,” said Frank Martell, president and CEO of CoreLogic. “The buildup in home equity over the past several years, government stimulus programs and lower borrowing costs have helped cushion homeowners from the initial financial shock of the pandemic and kept widespread delinquencies at bay during the first months of the recession. Looking ahead, we can expect a more widespread impact on U.S. delinquency rates as the economic toll of elevated unemployment and shelter-in-place orders becomes more evident.”
Other New England 30-day delinquency rates in March:
- Connecticut: 4.6%, a 0.4 percentage point decline year over year
- Maine: 4.1%, a 0.9 percentage point decline year over year
- Massachusetts: 3.3%, a decline of 0.5 percentage points over the year
- New Hampshire: 3%, a 0.4 percentage point decline from March 2019
- Vermont: 3.1%, a decline of 0.3 percentage points year over year
The share of mortgages in delinquency 90 days or more in Rhode Island totaled 1.4% for the month, a decline from 1.7% one year prior. The foreclosure rate in the state was 0.5%, a tick down from 0.7% in March 2019.
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