CoreLogic: Foreclosure inventory rate hits 1.2% in September in R.I.

CORELOGIC said Rhode Island's foreclosure inventory rate fell to 1.2 percent in September. / COURTESY CORELOGIC
CORELOGIC said Rhode Island's foreclosure inventory rate fell to 1.2 percent in September. / COURTESY CORELOGIC

PROVIDENCE – The foreclosure inventory rate fell to 1.2 percent in the Ocean State in September, a 34.2 percent drop over the year, CoreLogic said Tuesday.
That exceeds the national rate, which fell to 0.9 percent in September, a 31.1 percent over-the-year decline, CoreLogic said.
The number of completed foreclosures in Rhode Island increased for the 12 months ended in September to 1,588 from 1,313 during the year-ago period. Rhode Island’s serious delinquency rate, representing mortgages that are 90 days or more past due, was 3.4 percent in September. It fell 29.6 percent compared with September 2015, CoreLogic said.
Nationally, the number of completed foreclosures for the 12-month period fell to 418,015 from 529,474 during the same timeframe last year.
Anand Nallathambi, president and CEO of CoreLogic, said the decline in foreclosures is one of the drivers in the drop in vacancies, a positive for homeowners.
“Heading into 2017 we see that prices, performance and production – the three most important drivers of the real estate market – are all improving,” Nallathambi said.

The national serious delinquency rate dropped nearly 25 percent to 2.6 percent in September compared with September 2015, CoreLogic said. That marks the lowest level since August 2007, the real estate data tracker said.
“September’s serious delinquency rate dropped by 25 percent compared to a year earlier, the third consecutive monthly acceleration in the rate of decline,” Frank Nothaft, chief economist for CoreLogic, said in a statement. “This improvement is continued evidence of the recovery in the housing market, especially given that the decreases were fairly uniform in most cities across the country.”

Five states with the highest number of completed foreclosures in the 12 months ending in September were Florida (53,000), Texas (27,000), Michigan (24,000), Ohio (23,000) and Georgia (21,000).
Four states and the District of Columbia had the lowest number of completed foreclosures in the 12 months ending in September: the District of Columbia (186), North Dakota (338), West Virginia (447), Alaska (643) and Montana (701).
New Jersey (3.0 percent), New York (2.7 percent), Maine (1.8 percent), Hawaii (1.8 percent) and the District of Columbia (1.6 percent) had the highest foreclosure inventory rates in September, while Colorado, Minnesota, Arizona, Michigan and Utah were tied for the lowest at 0.3 percent.

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