PROVIDENCE – The 30-day or more mortgage-delinquency rate in Rhode Island was 4.4% in December, a 0.3 percentage point decline year over year, CoreLogic said on Tuesday.
Rhode Island tied for the fourth-highest delinquency rate in New England, with Maine. The national rate in December was 3.7%, an improvement from 4.1% one year prior.
Other New England mortgage-delinquency rates:
- New Hampshire: 3.1%, a decline of 0.2 percentage points year over year
- Vermont: 3.2%, a decline from 3.4% one year prior
- Massachusetts: 3.5%, a decline from 3.8% one year prior
- Maine: 4.4%: a decline from 4.9% in December 2018
- Connecticut: 4.8%, a decline from 5.1% one year prior
Rhode Island’s serious-delinquency rate, a measure of the share of mortgages 90 days or more delinquent, was 1.5% in December, a decline from 1.7% one year prior. The foreclosure rate in the state was 0.6% for the month, level with the rate in December 2018.
“The mortgage market had another solid year in 2019, and loan performance across the country continues to show improvement,” said Frank Martell, CEO and president of CoreLogic. “The longest economic expansion in history helped serious-delinquency rates reach a 20-year low. As mortgage rates continue to fall in the wake of recent global events, we may see homeowners refinance into lower monthly payments, or into shorter-term mortgages, which can further reduce delinquency and foreclosure risk.”
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