R.I. mortgage delinquency rate dips to 3.2% in January

THE SHARE OF mortgages in delinquency 30 days or more in Rhode Island was 3.2% in January, a decline from 5.3% a year ago and 3.4% in December, according to a report by CoreLogic Inc Tuesday.

PROVIDENCE – The share of mortgages in delinquency 30 days or more in Rhode Island was 3.2% in January, down slightly from the previous month and from 5.3% a year ago, according to CoreLogic Inc.

Rhode Island’s December delinquency rate was 3.4%. The national delinquency rate in January was 3.3%, a decline from 5.6% in January 2020.

“The large rise in home prices — up 19% in January from one year earlier, according to CoreLogic indexes for the U.S. — has built home equity and is an important factor in the continuing low level of foreclosures,” said CoreLogic Chief Economist Frank Nothaft on Tuesday in a news release. “Nonetheless, there are many homeowners that have faced financial hardships during the pandemic and are emerging from 18 months of forbearance. The U.S. may experience an uptick in distressed sales this year as some owners struggle to remain current after forbearance and loan modification.”

Rhode Island had the second-highest mortgage delinquency rate in New England in January, behind only Connecticut:

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• Connecticut: 4%, a decline from 6.8% one year prior.

• Maine: 3.2%, a decline from 5.1% one year prior.

• Massachusetts: 2.8%, a decline from 4.7% one year prior.

• Vermont: 2.6%, a decline from 4.1% one year prior.

• New Hampshire: 2.4%, a decline from 3.9% one year prior.

The serious delinquency rate, or the share of mortgages past due 90 days or more, in Rhode Island was 1.6% in January, a decline from 3.4% one year prior. The foreclosure rate in January was 0.3%, a slight decline from 0.4% in January 2020.

California-based CoreLogic provides financial, property and consumer information, analytics and business intelligence. The full report can be viewed here.

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