PROVIDENCE – In April, 5.9% of all mortgages in Rhode Island were 30 or more days delinquent, a 1.7 percentage point increase year over year, CoreLogic said on Tuesday.
The national mortgage delinquency rate for the month was 6.1%, an increase from 3.6% for the same month last year. Prior to April, the United States’ overall delinquency rate had declined for 27 consecutive months.
“Despite the scale and suddenness of the pandemic, mortgage delinquency has yet to emerge as a major issue, thanks to government COVID-19 relief programs and other housing finance industry efforts,” said Frank Martell, president and CEO of CoreLogic. “As the true impact of the economic shutdown during the second quarter of 2020 becomes clearer, we can expect to see a rise in delinquencies in the next 12-18 months — especially as forbearance periods under the CARES Act come to a close.”
Rhode Island’s rate ranked as the No. 2 highest in New England.
Other New England mortgage delinquency rates in April:
- Connecticut: 8% in April, a 3.5 percentage point increase year over year
- Maine: 5.6%, a 1.4 percentage point increase year over year
- Massachusetts: 5.1%, a .7 percentage point increase year over year
- Vermont: 4.9%,a 1.9 percentage point rise year over year
- New Hampshire: 4.5%, an increase from 3% one year prior
Rhode Island’s serious delinquency rate, or the share of mortgages 90 or more days past due, was 1.5% in April, a decline from 1.6% one year prior. The share of mortgaged homes in foreclosure in the state was 0.4%, a 0.2 percentage point decline year over year.
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