R.I. mortgage delinquency rate drops to 2.8% in January

THE SHARE OF MORTGAGES in delinquency 30 days or more in Rhode Island and the nation was 2.8% in January, according to CoreLogic Inc. / PBN FILE PHOTO
THE SHARE OF MORTGAGES in delinquency 30 days or more in Rhode Island and the nation was 2.8% in January, according to CoreLogic Inc. / PBN FILE PHOTO

PROVIDENCE – The share of mortgages in delinquency 30 days or more in Rhode Island was 2.8% in January, down from 3.2% in the same month a year earlier, according to CoreLogic Inc. 

Nationally, the share of delinquent mortgages was also at 2.8% in January, down from 3.3% a year ago.

January also marked the 22nd straight month of national mortgage delinquency declines. 

The March 30 report noted that U.S. mortgage performance barely moved in January, with overall delinquency and foreclosure numbers hovering near historic lows. Although annual home equity gains slowed significantly in the fourth quarter of 2022, the report said the average borrower still has about $270,000 in equity, which can safeguard against foreclosure. Additionally, although layoffs at some-high profile technology companies have recently made headlines, U.S. unemployment remained at less than 4% in the first two months of 2023. 

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“The share of home loans in all stages of delinquency continues to decline, down from a high of 7.3% in the spring of 2020 and down by 0.5 percentage points from January 2022,” said Molly Boesel, principal economist at CoreLogic. “The annual decrease in overall delinquencies was primarily driven by a large decline in the share of mortgages six months or more past due. Despite the drop in overall delinquencies, the foreclosure rate has slowly crept up. Although it remains near an all-time low, about 30,000 more U.S. homeowners are now involved in the foreclosure process.” 

Both Rhode Island had the second-highest mortgage delinquency rate in New England in January at 2.8%, behind Connecticut:  

  • Connecticut: 3.3%, a decline from 4% one year prior. 
  • Maine: 2.9%, a decline from 3.2% one year prior. 
  • Massachusetts: 2.4%, a decline from 2.8% one year prior. 
  • Vermont is 2.3%, down from 2.6% one year prior. 
  • New Hampshire: 2.1%, a decline from 2.4% one year prior. 

The serious delinquency rate, or the share of mortgages past due 90 days or more, in Rhode Island was 1.1% in January, a decline from 1.4% one year prior. The foreclosure rate in January was 0.3%. 

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