R.I.’s share of mortgage delinquency rises to 6.1% in Sept.

THE SHARE of mortgages in delinquency in Rhode Island increased to 6.1% in September, a rise from 4.4% one year prior. / AP FILE PHOTO/DAVID ZALUBOWSKI

PROVIDENCE – The share of mortgages in delinquency of 30 days or more in Rhode Island totaled 6.1% in September, a 1.7 percentage point rise year over year, according to CoreLogic Tuesday.

Nationally, the mortgage delinquency rate was 6.3% in September.

Rhode Island had the second highest mortgage delinquency rate in New England at that time, only lower than Connecticut.

“Although delinquencies remain high, it’s clear the economy has passed an initial stress test. High home equity balances and structural protections put in place as a result of the Great Recession contributed to surviving this test,” said Frank Martell, CEO and president of CoreLogic. “Housing demand remains strong, and rates low, which provides optimism that the housing market will continue to be a bright spot in this COVID-ravaged economy.”

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New England mortgage delinquency rates:

  • Connecticut: 7.9%, a 3.1 percentage point increase year over year
  • Maine: 5.9%, a 1.4 percentage point increase year over year
  • Massachusetts: 5.4%, a 1.8 percentage point increase year over year
  • Vermont: 5%, an increase of 1.8 percentage point increase year over year
  • New Hampshire: 4.5%, a 1.3 percentage point increase year over year

The serious delinquency rate, or the share of mortgages 90 days or more past due, accounted for 3.9% of all mortgages in Rhode Island. That is a 2.3 percentage point increase from 2019.

The report also said that 0.4% of all mortgages in the state were in foreclosure, a decline from 0.5% one year prior.

The full report can be found online but may require free registration.

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