R.I. foreclosure rate falls to 1.3% in July

RHODE ISLAND'S foreclosure inventory rate fell to 1.3 percent in July, a 16.2 percent drop over the year, CoreLogic said. / COURTESY CORELOGIC
RHODE ISLAND'S foreclosure inventory rate fell to 1.3 percent in July, a 16.2 percent drop over the year, CoreLogic said. / COURTESY CORELOGIC

PROVIDENCE – Rhode Island’s foreclosure inventory rate fell to 1.3 percent in July, a 16.2 percent drop compared with July 2015, CoreLogic said Tuesday.
The national foreclosure inventory rate also fell year over year in July, to 0.9 percent, a 29.1 percent drop. This is the lowest foreclosure inventory rate for any month since August 2007, CoreLogic said.
Rhode Island saw the number of completed foreclosures slightly increase to 1,471 for the 12 months that ended in July from 1,456 during the same period a year ago. The Ocean State’s serious delinquency rate – mortgages that are 90 days or more past due, including loans in foreclosure or real estate-owned – fell to 3.8 percent, a 22.1 percent drop year over year.
Nationally, completed foreclosures fell nearly 17 percent in the 12 months that ended in July, to 449,477 from 540,873 during the same stretch a year ago, while the serious delinquency rate also fell year over year, to 2.9 percent, a 17.3 percent drop.
“Loan modifications, foreclosures and stronger housing and labor markets have each played a role in bringing the foreclosure rate to the lowest level in nine years,” Frank Nothaft, chief economist for CoreLogic, said in a statement. “The U.S. Treasury’s Making Home Affordable program has contributed to the decline through permanent modifications, forbearance and foreclosure alternatives which have assisted 2.5 million homeowners with first mortgages at risk of foreclosure since 2009.”

Five states with the highest number of completed foreclosures in the 12 months ending in July were Florida at 57,000, Michigan at 45,000, Texas at 27,000, Ohio at 23,000 and California, 21,000. These five states account for almost 40 percent of all completed foreclosures nationally.
Four states and the District of Columbia had the lowest number of completed foreclosures: District of Columbia at 207, North Dakota at 324, West Virginia at 488, Alaska at 635 and Montana, 700.
Four states and the District of Columbia had the highest foreclosure inventory rate: New Jersey, 3.3 percent; New York, 3 percent; Hawaii, 1.8 percent; Maine, 1.8 percent; and the District of Columbia, 1.8 percent.
Five states with the lowest foreclosure inventory rate were Colorado, Minnesota, Utah, Arizona and Alaska, all at 0.3 percent.

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