R.I. 10th-highest for foreclosure, delinquency

JACKSONVILLE, Fla. — Rhode Island had the 10th-highest percentage of homes either in foreclosure or more than 30 days behind on mortgage payments in April, according to LPS Applied Analytics.
A combined 13.2 percent of Rhode Island housing units either foreclosed or were in a state of delinquency in April, compared to 12.11 percent — nearly 6.4 million homes — in the country, said LPS, which gathers data from loan-processing companies.
The U.S. foreclosure rate was 4.14 percent in April, while Rhode Island’s was 4.6 percent.
Ocean State homes that were delinquent on mortgage payments reached 8.6 percent, as compared to national rate of 7.97 percent.
The national foreclosure rate increased in the last year, while the delinquency rate fell, indicating a decline in foreclosures in the future.
The report also noted a decline in “new problem loans” — loans that were current six months ago and have since fallen more than 90 days behind in payments — from 1.86 percent last November to 1.28 percent in April. Only 1.35 percent of loans in Rhode Island were new problem loans in April.
But the report revealed a backlog in filing foreclosure cases. In January 2008, foreclosed homes had been delinquent for an average of 251 days. In April, that number had increased to 567.
Sixty-three Rhode Island homes were either more than 90 days delinquent on mortgage payments or pending foreclosure in April, LPS said.
Rhode Island will receive $547,000 from NeighborWorks America to fund centers and organizations that counsel citizens facing foreclosure, the state’s congressional delegation and Rhode Island Housing announced last week.