PROVIDENCE – Rhode Island’s rate of mortgage delinquency of 30 days or more was 5.3% in November, an increase from 4.5% one year prior, according to CoreLogic Tuesday.
The state’s delinquency rate was lower than the national rate of 5.9%, a two percentage point rise over the year.
Mortgage delinquency rates in other New England states in November:
- Connecticut: 7.4%, a rise from 5% one year prior
- Maine: 5.4%, a rise from 4.5% one year prior
- Massachusetts: 5.1%, a rise from 3.7% one year prior.
- Vermont: 4.5%, a rise from 2.8% one year prior
- New Hampshire: 4.2%, a rise from 3.2% one year prior
The share of mortgages in Rhode Island in serious delinquency, or 90 days or more past due, in the state was 3.6% in November, a rise from 1.5% in November 2019.
The national serious delinquency rate was 3.9% a rise from 1.3% one year prior. Despite that, November represented the lowest serious delinquency rate since June 2020.
“The consistent decline in serious delinquency since August is a sign of growing financial stability for families,” said Frank Martell, CEO and president of CoreLogic. “In addition to ensuring that homeowners stay in their homes, the decline in delinquency means fewer distressed sales, which is both a positive for individual households and the overall housing market.”
The share of homes in foreclosure in Rhode Island declined from 0.6% in November 2019 to 0.4% in November 2020. The national foreclosure rate at the time was 0.4%.
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