PROVIDENCE – The rate of Rhode Island mortgage delinquencies of 30 days or more in January was 4%, a 0.6 percentage point decline year over year, CoreLogic said on Tuesday.
Nationally, the mortgage delinquency rate was 3.5%, a decline from 4% one year prior. The Rhode Island mortgage delinquency rate was tied with Maine for the second highest in New England in January:
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- New Hampshire: 2.8%, a 0.4 percentage point decline year over year
- Vermont: 2.9%, a 0.4 percentage point decline year over year
- Massachusetts: 3.2%, a 0.4 percentage point decline year over year
- Maine: 4%, a 0.7 percentage point decline year over year
- Connecticut: 4.4%, a 0.5 percentage point decline year over year
The serious delinquency rate of mortgages in Rhode Island, or the share of mortgages 90 days or more delinquent, was 1.4% at that time, a decline from 1.7% one year prior. The state foreclosure rate was 0.5% of all mortgages, a 0.1 percentage point decline over the year.
Th report also noted that mortgage delinquencies in the United States are expected to rise in the months following January, due to the economic impact of the COVID-19 pandemic.
“Home loan delinquency and foreclosure rates were the lowest in a generation before the COVID-19 pandemic hit,” said Frank Nothaft, chief economist at CoreLogic. “Recession-induced job losses will fuel delinquencies. However, widespread foreclosures across America will likely be averted because of the home-equity buffer that homeowners have and the available forbearance programs. Our Home Equity Report found that at the start of 2020, homeowners with a mortgage also had an average of $177,000 in home equity.”
The full report can be viewed online but may require free registration.
