PROVIDENCE – The share of mortgages in delinquency 30 days or more in Rhode Island was 3% in February, down from 3.3% in the same month a year earlier, according to CoreLogic Inc.
Nationally, the share of delinquent mortgages was also at 3% in February, down from 3.4% a year ago.
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The national mortgage delinquency rate has barely changed year over year since last spring, indicating a fairly stable economy in which most borrowers are able to pay their mortgages on time, according to the report. Though the agency also noted that while the unemployment rate remained near a pre-pandemic low in March, it is possible that mortgage delinquency rates could begin to creep up later this year, as recent job losses begin to affect the numbers.
“Despite a small monthly increase in the share of mortgage payments that were one month late in February, early-stage delinquencies remained unchanged year over year,” said Molly Boesel, principal economist at CoreLogic. “February’s early-stage delinquency rate was historically low and primarily driven by a strong job market. However, the possibility of a recession that would raise the U.S. unemployment rate could slightly erode the current strong mortgage performance situation in the coming months.”
Rhode Island tied Maine for the second-highest mortgage delinquency rate in New England in February at 3%, behind Connecticut:
- Connecticut: 3.4%, a decline from 4.1% one year prior.
- Maine: 3%, a decline from 3.3% one year prior.
- Massachusetts: 2.5%, a decline from 2.9% one year prior.
- Vermont: 2.4%, down from 2.8% one year prior.
- New Hampshire: 2.1%, 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 1.1% in February, a decline from 1.5% one year prior. The foreclosure rate in February was 0.3%.
