Report: Mortgage delinquency in R.I. continues decline, remains above national average

THE SHARE OF MORTGAGES delinquent 30 days or more in Rhode Island in February declined to 4.7%. / BLOOMBERG NEWS FILE PHOTO/DAVID CALVERT
THE SHARE OF MORTGAGES delinquent 30 days or more in Rhode Island in February declined to 4.7%. / BLOOMBERG NEWS FILE PHOTO/DAVID CALVERT

PROVIDENCE – The share of mortgages 30 days or more delinquent in Rhode Island in February was 4.7%, a 0.6 percentage-point decline year over year, according to a report from CoreLogic Monday.

The national delinquency rate in February was 4%, a decline from 4.8% one year prior. Rhode Island’s delinquency rate for the month was the third-highest in New England, ahead of Maine and Connecticut. Colorado had the lowest delinquency rate in the nation in February at 1.9%, while Mississippi had the highest at 7.9%.

The national delinquency rate was the lowest it has been in February in 19 years, according to the report.

New England 30-day-or-more delinquency rates in February 2019:

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  • New Hampshire, 3.3%, a decline from 3.7% one year prior
  • Vermont: 3.4%, a decline from 3.9% one year prior
  • Massachusetts: 3.8%, a decline from 4.2% one year prior
  • Rhode Island: 4.7%, a decline from 5.3% one year prior
  • Maine: 4.9%, a decline from 5.5% one year prior
  • Connecticut: 5%, a decline from 5.5% one year prior

The share of mortgages in Rhode Island in serious delinquency, or 90 days or more past due, was 1.7% in February, a decline from 2.2% in February 2018. Nationally, 1.4% of all mortgages were in serious delinquency in February, a decline from 2.1% one year prior.

The foreclosure rate in the Ocean State in February was 0.6%, a tick lower than 0.8% the year before. The national foreclosure rate declined from 0.6 percentage points year over year to 0.4% in February.

Mortgage delinquency rates in the Providence-Warwick-Fall River metropolitan area for February were the same as Rhode Island rates, according to CoreLogic.

The full report may be viewed online, but may require free registration.

Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.