PROVIDENCE – The share of mortgages in delinquency 30 days or more in Rhode Island and the nation was 2.9% in November, down from 3.6% for both year over year, according to CoreLogic Inc.
November marked the 20th straight month of national mortgage delinquency declines.
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The Jan. 26 report noted that despite slowing home price growth in recent months, most owners are in good shape due to healthy equity. CoreLogic’s latest Home Equity Report shows that U.S. homeowners with a mortgage saw their equity increase by 15.8% year over year in the third quarter of 2022, for an average gain of $34,300 per borrower.
“Most homeowners are well positioned to weather a shallow recession,” said Molly Boesel, principal economist at CoreLogic. “More than a decade of home price increases has given homeowners record amounts of equity, which protects them from foreclosure should they fall behind on their mortgage payments.”
Both Rhode Island and Maine had the second-highest mortgage delinquency rate in New England in November at 2.9%, behind Connecticut:
- Connecticut: 3.6%, a decline from 4.3% one year prior.
- Maine: 2.9%, a decline from 3.3% one year prior.
- Massachusetts: 2.5%, a decline from 3.0% one year prior.
- Vermont is 2.4%, down from 2.8% one year prior.
- New Hampshire: 2.2%, a decline 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 1.2% in November, a decline from 1.9% one year prior. The foreclosure rate in November was 0.3%, same as November 2021.
