PROVIDENCE – The share of mortgages in delinquency 30 days or more in Rhode Island was 2.9% in April, same as it was a year ago, according to CoreLogic Inc.
Nationally, the share of delinquent mortgages was 2.8% in April, down from 2.9% a year ago.
Understanding Stroke: Essential Information for Immediate Action
Stroke is a leading cause of death and long-term disability in the United States, impacting…
Learn More
Although almost a dozen states and more than 150 metro areas posted year-over-year increases in overall mortgage delinquency rates in April, U.S. loan performance remains resilient, with delinquencies and foreclosures continuing to hover near record lows, according to the report.
“Mortgage performance remained strong in April, with overall delinquencies at minimal levels and serious delinquencies at a 23-year low,” said Molly Boesel, principal economist for CoreLogic. “However, there is concern that mortgages originated in a rising-interest-rate environment may have higher instances of delinquencies, as borrowers become stretched financially. While early delinquencies for 2022 mortgage originations are about the same rate as those in other rising interest-rate environments, loans with low down payments are exhibiting comparably higher-than-usual early delinquencies.”
Rhode Island tied Maine for the second-highest mortgage delinquency rate in New England in April, behind Connecticut:
- Connecticut: 3.3%, a decline from 3.5% one year prior.
- Maine: 2.9%, same as one year prior.
- Massachusetts: 2.5%, same as one year prior.
- Vermont: 2.2%, down from 2.4% one year prior.
- New Hampshire: 2.2%, same as one year prior.
The serious delinquency rate, or the share of mortgages past due 90 days or more, in Rhode Island was 1% in April, a decline from 1.4% one year prior. The foreclosure rate in April was 0.3%.
