R.I. mortgage delinquency rate drops to 2.8% Y/Y in September

The share of mortgages in delinquency 30 days or more in Rhode Island was 2.8% in September, down from 3.7% year over year, CoreLogic Inc. said on Wednesday. / PBN FILE PHOTO

PROVIDENCE – The share of mortgages in delinquency 30 days or more in Rhode Island was 2.8% in September, down from 3.7% year over year, CoreLogic Inc. said on Wednesday. 

The national delinquency rate in September was 2.8%, a decline from 3.9% in September 2021. 

“All stages of delinquency remained low in September,” said Molly Boesel, principal economist at CoreLogic. “Early-stage, overall and serious delinquencies were either at or below their pre-pandemic rates. Low unemployment, which has also returned to the level seen before the COVID-19 outbreak, is contributing to strong mortgage performance. However, if the U.S. enters a recession, increases in delinquency rates can be expected.” 

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

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  • Connecticut: 3.4%, a decline from 5% one year prior. 
  • Maine: 2.8%, a decline from 3.6% one year prior. 
  • Massachusetts: 2.4%, a decline from 3.2% one year prior. 
  • Vermont: 2.3%, a decline from 2.9% one year prior. 
  • New Hampshire: 2.1%, a decline from 2.8% one year prior. 

The serious delinquency rate, or the share of mortgages past due 90 days or more, in Rhode Island was 1.3% in September, a decline from 2.2% one year prior. The foreclosure rate in September was 0.3%, same as September 2021. 

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