PROVIDENCE – The share of mortgages in delinquency 30 days or more in Rhode Island was 3.3% in December, a decline from 5.6% a year ago and 3.4% in November, according to CoreLogic Inc.
The national delinquency rate in December was 3.4%, a decline from 5.8% in December 2020.
“Nonfarm employment grew by 6.7 million workers during 2021, the largest one-year increase, supporting income growth and keeping more families current on their loans,” said CoreLogic Chief Economist Frank Nothaft on Tuesday in a news release. “Nonetheless, places hit hard by natural disasters have experienced a spike in missed payments. Serious delinquency rates for December in the Houma-Thibodaux metro area were nearly 2 percentage points higher than immediately before Hurricane Ida.”
Rhode Island had the second-highest mortgage delinquency rate in New England in November, behind only Connecticut:
• Connecticut: 4.1%, a decline from 4.9% one year prior.
• Maine: 3.2%, a decline from 3.6% one year prior.
• Massachusetts: 2.8%, an increase from 3.1% one year prior.
• Vermont: 2.6%, an increase from 2.7% one year prior.
• New Hampshire: 2.4%, an increase from 2.5% one year prior.
The serious delinquency rate, or the share of mortgages past due 90 days or more, in Rhode Island was 1.7% in December, a decline from 3.5% one year prior. The foreclosure rate at that time was 0.3%, a slight decline from 0.4% in December 2020.
California-based CoreLogic provides financial, property and consumer information, analytics and business intelligence. The full report can be viewed here.
