R.I. mortgage delinquency in July hits 6.2%

THE SHARE of mortgages in Rhode Island delinquent over 30 days or more was 6.2% in July. / AP FILE PHOTO/ROGELIO V. SOLIS
THE SHARE of mortgages in Rhode Island delinquent over 30 days or more was 6.2% in July. / AP FILE PHOTO/ROGELIO V. SOLIS

PROVIDENCE – The share of mortgaged homes in Rhode Island delinquent by 30 days or more was 6.2%, CoreLogic said on Tuesday.

The rate of mortgage delinquency in the state was 4.3% one year prior, and 6.6% in June.

While below the national rate of 6.6% in July, Rhode Island had the second-highest rate of mortgage delinquency in New England.

  • New Hampshire: 4.7%, an increase from 3.4% one year prior
  • Vermont: 5.3%, an increase from 3.8% one year prior
  • Massachusetts: 5.6%, an increase from 3.5% in July 2019
  • Maine: 6.1%, an increase from 4.6% one year prior
  • Connecticut: 8.4%, an increase from 4.7% in July 2019

“Many Americans, particularly millennials, are taking advantage of low rates to either purchase their first home or upgrade their living situations,” said Frank Martell, president and CEO of CoreLogic. “However, given the unsteadiness of the job market, many homeowners are beginning to feel the compounding pressures of unstable income and debt on personal savings buffers, creating heightened risk of falling behind on their mortgages.”

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Rhode Island serious delinquency, or mortgages with payments past due by 90 days or more, accounted for 3.8% of all mortgages, an increase from 1.6% one year prior. Nationally, the serious mortgage delinquency rate was 4.1% for the month.The share of mortgaged homes in foreclosure in the state was 0.4%, a decline from 0.5% in July 2019. The national foreclosure rate in July was 0.3%.

“Four months into the pandemic, the [national] 120-day delinquency rate for July spiked to 1.4%,” said Frank Nothaft, chief economist at CoreLogic. “This was the highest rate in more than 21 years and double the December 2009 Great Recession peak. The spike in delinquency was all the more stunning given the generational low of 0.1% in March.”

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