PROVIDENCE – The mortgage delinquency rate of 30 days or more in Rhode Island was 5.6% in December, lower than the national rate of 5.8% but a rise from 4.4% one year prior, CoreLogic said in a report released on Tuesday.
The report found that mortgage delinquency rates increased in all states year over year for the month.
“Places with large job losses during the last year also experienced big jumps in mortgage delinquencies,” said Frank Nothaft, chief economist at CoreLogic. “By state, Hawaii and Nevada had the largest 12-month spike in delinquency rates, both up 4.1 percentage points. They also had large increases in unemployment rates, up 6.6 percentage points in Hawaii and 5.5 percentage points in Nevada compared with 3.1 percentage points for the U.S.”
Rhode Island had the second-highest rate of mortgage delinquency in New England in December, only behind Connecticut:
- Connecticut: 7.1%
- Maine: 5.3%
- Massachusetts: 4.8%
- Vermont: 4.2%
- New Hampshire: 4.1%
Rhode Island’s serious delinquency rate, or the share of mortgages delinquent 90 days or more, was 3.5% in December, a rise from 1.5% one year prior. Despite this, the foreclosure rate in the state declined year over year from 0.6% to 0.4%.
“The ongoing forbearance provisions and economic aid implemented at the start of the pandemic has proved helpful for families faced with financial insecurity,” said Frank Martell, president and CEO of CoreLogic.
The full report can be viewed online but may require free registration.
