PROVIDENCE – The 30 days or more mortgage delinquency rate in Rhode Island declined 0.9 percentage points year over year in October to 4.6 percent, according to CoreLogic Tuesday.
The delinquency rate in Rhode Island was the third highest in New England ahead of Connecticut at 5 percent and Maine at 4.8 percent. New Hampshire and Vermont tied for lowest delinquency rate at 3.3 percent in October, followed by Massachusetts at 3.8 percent.
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Nationally, the delinquency rate in October was 4.1 percent, a 1 percentage point decline year over year.
In Rhode Island, the serious delinquency rate, measuring mortgage delinquencies 90 days or more, was 1.8 percent in October, a 0.6 percentage point decline from October 2017. The foreclosure rate declined 0.2 percentage points year over year to 0.6 percent.
Nationally, the serious foreclosure rate declined 0.4 percentage points year over year to 1.5 percent and the foreclosure rate declined 0.1 percentage points to 0.5 percent.
In the Providence-Warwick-Fall River metropolitan area, the 30 day or more delinquency rate was 4.7 percent on October, a decline from 5.5 percent one year prior. The serious delinquency rate declined 0.5 percentage points year over year in October to 1.8 percent. And the foreclosure rate for October was 0.6 percent, a drop from 0.8 percent the year before.
“Despite some regional spikes related to hurricane and fire impacted areas, overall delinquency rates are near or at historic lows,” said Frank Martell, president and CEO of CoreLogic in a statement.
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Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.
