PROVIDENCE – The share of mortgages in Rhode Island in February that were 30 days or more delinquent was 5.3%, an increase from 4.2% one year prior, according to CoreLogic Tuesday.
The state rate was lower than the national delinquency rate of 5.7%, which had increased from 3.4% one year before.
“Some families that had overspent during the year-end holiday season, and then faced financial stress in the new year, may slip behind on a mortgage payment by February,” said Frank Nothaft, chief economist at CoreLogic. “During each of the last five years, the 30-day delinquency rate moved higher from January to February. With economic conditions improving, we expect delinquency rates to move lower in coming months.”
Rhode Island had the second-highest mortgage delinquency rate in New England in February.
New England delinquency rates in February:
- New Hampshire: 4.1%, a decline from 2.9% one year prior
- Vermont: 4.2%, a rise from 3% one year prior
- Massachusetts: 4.8%, an increase of 1.5 percentage points year over year
- Maine: 5.2%, an increase from 4% in February 2020
The share of mortgages in Rhode Island in serious delinquency, or 90 days or more past due, was 3.4%, a rise from 1.4% one year prior. Despite this rise, the share of mortgaged homes in foreclosure in Rhode Island was 0.3%, a decline from 0.5% one year prior.
Serious delinquency rate nationally was 3.7%, a rise from 1.2% one year prior. The national foreclosure rate was 0.3%, a dip from 0.4% in February 2020.
“Overall delinquency ticked up slightly in February, but the serious delinquency and foreclosure rates continued a monthly decline,” said Frank Martell, president and CEO of CoreLogic. “Consumer confidence continues to rise as the economy roars back to life. These factors bode well for housing fundamentals in 2021 and as far as the eye can see.”
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