Black Knight: Home prices rose 4.6% in Prov. metro in February

BLACK KNIGHT FINANCIAL SERVICES said Rhode Island had the second-highest home price decrease from January to February at 0.2 percent, behind only Connecticut. The Providence metropolitan area had the 10th greatest price decrease over the month at 0.2 percent. / COURTESY BLACK KNIGHT FINANCIAL SERVICES
BLACK KNIGHT FINANCIAL SERVICES said Rhode Island had the second-highest home price decrease from January to February at 0.2 percent, behind only Connecticut. The Providence metropolitan area had the 10th greatest price decrease over the month at 0.2 percent. / COURTESY BLACK KNIGHT FINANCIAL SERVICES

PROVIDENCE – The Providence metropolitan area ranked 20th among the 40 largest metropolitan areas in the nation for its year-over-year home price increase of 4.6 percent in February, according to Black Knight Financial Services.
Black Knight, which released the February report on Monday, said the average home price in the Providence metro for that month was $254,000, a 4.6 percent increase over February 2015’s price of $243,000. That price is still far from the peak recorded in June 2006 when the average home price was $310,000. However, the home price is an 18.8 percent improvement over the low reported in January 2012 of $214,000.
Nationally, Portland, Ore., had the greatest year-over-year price increase in February at 12.1 percent, to $332,000, while St. Louis recorded the only drop, at 4.7 percent, to $159,000.
Black Knight also looked at home price changes month over month, noting Rhode Island had the second-highest price drop from January to February at two-tenths of a percentage point, behind only Connecticut, which reported a four-tenths of a percentage point decline. Washington, in comparison, had the highest month-over-month price increase at 1.8 percent.
And, among the metros, the Providence metro had the 10th largest month-over-month price decrease at two-tenths of a percentage point, while the Atlantic City, N.J., metro area had the largest decrease at 1 percent. San Jose, Calif., had the highest month-over-month price increase at 2.4 percent, Black Knight said.

Black Knight said the average U.S. home price climbed 5.3 percent in February from a year ago and rose seven-tenths of a percentage point from January.
At $254,000, the average U.S. home price is 27.5 percent higher than the market’s bottom in January 2012, but remains 5 percent off the June 2006 peak of $267,000.

In addition, Rhode Island was one of five states in March that had a high percentage of loans delinquent by 90 days or more. Mississippi led the nation in this category with a 3.7 percent rate, followed by Louisiana at 2.7 percent, Alabama at 2.6 percent, Arkansas at 2.2 percent and Rhode Island, 2.16 percent.
Black Knight said that in March, the total U.S. loan delinquency rate was 4.08 percent, representing loans that are 30 days or more past due, but not in foreclosure. That represents a year-over-year drop of 12.4 percent. The 4.08 percent rate represents the lowest point for the national delinquency rate since March 2007, Black Knight said.

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