PROVIDENCE – The share of Rhode Island mortgages delinquent over 30 days or more was 5.3% in January, a rise from 4% one year prior, CoreLogic said Tuesday.
The mortgage delinquency rate in Rhode Island was 5.8% in December 2020.
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The national mortgage delinquency rate was 5.6% in January, a 2.1 percentage point increase year over year. CoreLogic said that nationally, the overall delinquency has been declining month to month since August 2020.
“While delinquency rates are higher than we would like to see, they continue to decline,” said Frank Martell, CEO and president of CoreLogic. “At the same time, foreclosure rates remain at historic lows. This is a good sign, and considering the improving picture regarding the pandemic and climbing employment rates, we are looking at the potential for a strong year of recovery.”
The Rhode Island mortgage delinquency rate was second highest in New England in January, behind Connecticut:
- Connecticut: 6.8%, a rise from 4.4% one year prior
- Maine: 5.1%, a rise from 4% one year prior
- Massachusetts: 4.7%, a rise from 3.2% one year prior
- Vermont: 4.1%, a rise from 2.9% one year prior
- New Hampshire: 3.9%, a rise from 2.8% one year prior
The share of mortgages in serious delinquency, or 90 days or more past due, in Rhode Island also rose year over year in January, rising 1.3 percentage points in that time to 5.3%. The national serious delinquency rate for mortgages was 3.8% at that time.
Despite the rise in mortgage delinquency rates in Rhode Island, the share of homes in foreclosure declined slightly from 0.5% to 0.4% year over year in January.
