PROVIDENCE – The share of mortgages in Rhode Island that are delinquent 30 days or more was 4.6% in March, an increase from 4.1% one year prior, but lower than the national average rate of 4.9%, according to CoreLogic Tuesday.
Month to month, the mortgage delinquency rate in the Ocean State improved, falling from 5.3% in February.
Rhode Island had the second-highest mortgage delinquency rate in New England in March, only lower than Connecticut.
Other New England mortgage delinquency rates in March:
- Connecticut: 6%, up from 4.6% one year prior
- Maine: 4.4%, up from 4.1% one year prior
- Massachusetts: 4.1%, up from 3.3% one year prior
- Vermont: 3.6%, up from 3.1% one year prior
- New Hampshire: 3.4%, up from 3% in March 2020
Nationally, the mortgage delinquency rate rose 1.3 percentage points year over year in March, as the financial impacts of the COVID-19 pandemic continued to ripple through the American economy. However, the month also marked the largest month-to-month improvement on mortgage delinquency since the pandemic began, CoreLogic said in its report.
“U.S. overall mortgage delinquency lessened significantly from February to March, and rates for nearly every other stage of delinquency were down compared to a year ago,” said Frank Martell, CEO and president of CoreLogic. “Homeowners are catching up on their debt as the economic effects of the pandemic begin to wane, which is yet another sign of forward motion on the road to overall recovery.”
In Rhode Island, the share of mortgages in serious delinquency in March, or 90 days or more overdue, was 3.2%, an increase from 1.4% one year prior. The national serious delinquency rate in March was 3.5%, increasing from 1.2% one year prior.
The foreclosure rate in the state was 0.3%, a decline from 0.5% one year prior, mirroring a slight year-over-year decline in foreclosure rates nationally.
The full report may be viewed online but may require free registration.
