Black Knight: R.I. in top five for delinquent mortgages

RHODE ISLAND WAS AMONG the top five states with mortgages that are 90 days delinquent or more, according to Black Knight Financial Services. / COURTESY BLACK KNIGHT FINANCIAL SERVICES
RHODE ISLAND WAS AMONG the top five states with mortgages that are 90 days delinquent or more, according to Black Knight Financial Services. / COURTESY BLACK KNIGHT FINANCIAL SERVICES

PROVIDENCE – Rhode Island ranked second among states with mortgages that were delinquent by 90 days or more in January, according to the latest data from Black Knight Financial Services.
Rhode Island, with 3.93 percent of mortgages late by 90 days or more, was behind only Mississippi, which reported a 5.22 percent rate. The rest of the top five are as follows: Louisiana, at a 3.61 percent delinquency rate; Alabama, 3.51 percent; and Maine, 3.39 percent.
While Rhode Island landed in second place, its delinquency rate did decline year over year by 1.47 percent. Also, its peak delinquency rate, 6.15 percent, was recorded in February 2010, and the low, 0.28 percent, was in April 2005, according to Black Knight.
Black Knight also reported that foreclosure starts increased 0.21 percent in January nationwide, compared with January 2014, and numbered 94,300 for the month.
But it said the U.S. foreclosure inventory, at 1.61 percent, continues to decline, and has dropped 31 percent year over year.
The nationwide mortgage delinquency rate, loans 30 or more days past due, but not in foreclosure, was 5.6 percent. That represents an 11 percent drop from the same period a year ago.
Black Knight also ranked the top five states by non-current percentage, which combines foreclosures and delinquencies as a percent of active loans in that state. They are Mississippi, 14.19 percent; New Jersey, 11.87 percent; Louisiana, 11.08 percent; New York, 10.39 percent; and Maine, 10.21 percent.
The bottom five states in the same category are: Montana, 3.75 percent; Alaska, 3.72 percent; South Dakota, 3.62 percent; Colorado, 3.53 percent; and North Dakota: 2.42 percent.
Black Knight derives its statistics from its loan-level database, which represent approximately two-thirds of the overall market.

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