PROVIDENCE – The share of mortgages in delinquency of 30 days or more in Rhode Island was 3.4% in November, a decline from 5.6% a year ago and 3.8% in October, according to CoreLogic Inc. Tuesday.
The national delinquency rate in November was 3.6%, a decline from 5.9% in November 2020.
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“Nonfarm employment rose 6.45 million during 2021, helping to rebuild income for families under financial stress during the pandemic,” said Frank Nothaft, chief economist at CoreLogic. “Income growth has helped to reduce past-due rates and home equity build-up has reduced the likelihood of a distressed sale for families that experience financial challenges.”
Rhode Island had the second-highest mortgage delinquency rate in New England in November, second only to Connecticut:
Connecticut: 4.3%, a decline from 7.3% one year prior.
Maine: 3.3%, a decline from 5.4% one year prior.
Massachusetts: 3%, a decline from 5.1% one year prior.
Vermont: 2.8%, a decline from 4.5% one year prior.
New Hampshire: 2.5%, a decline from 4.2% one year prior.
The serious delinquency rate, or the share of mortgages past due by 90 days or more, in Rhode Island was 1.9% in November, a decline from 3.6% one year prior. The foreclosure rate at that time was 0.3%, a slight decline from 0.4% in November 2021.
CoreLogic Inc. is a California-based corporation providing financial, property and consumer information, analytics and business intelligence. The full report can be viewed here.
