CoreLogic: Foreclosure rate dips in R.I. in November to 1.1%

RHODE ISLAND'S foreclosure inventory rate fell to 1.1 percent in November, a 35.3 percent drop from November 2015, CoreLogic said this week. / BLOOMBERG FILE PHOTO/JEFF KOWALSKY
RHODE ISLAND'S foreclosure inventory rate fell to 1.1 percent in November, a 35.3 percent drop from November 2015, CoreLogic said this week. / BLOOMBERG FILE PHOTO/JEFF KOWALSKY

PROVIDENCE – Rhode Island’s foreclosure inventory rate fell to 1.1 percent in November, a 35.3 percent drop from November 2015, CoreLogic said this week.
The Ocean State’s rate was higher than the national rate, which dropped to 0.8 percent in November, a 30 percent drop over the year, the real estate data tracker said.
New Jersey, New York and Maine had the highest foreclosure inventory rates at 2.8 percent, 2.6 percent and 1.7 percent, respectively, while Colorado had the lowest at 0.2 percent, and Minnesota, Arizona, Utah and California tied for next-lowest at 0.3 percent.

The number of completed foreclosures in Rhode Island totaled 1,607 for the 12 months through Nov. 30, which was higher than 1,285 recorded a year earlier. Nationally, the number of completed foreclosures dropped to 404,882 from 512,108 during the same time period.
Florida had the highest number of completed foreclosures in the 12 months ending in November at 48,000, followed by Michigan at 31,000 and Texas, 25,000.
The District of Columbia, with 221, had the lowest number of completed foreclosures during the 12-month period ending in November, followed by North Dakota with 260 and West Virginia, 375.

Rhode Island’s serious delinquency rate, which measures the percentage of loans that are more than 90 days delinquent, including those in foreclosure and real estate-owned, fell nearly 29 percent over the year to 3.3 percent. Again, Rhode Island’s rate was higher than the national serious delinquency rate at 2.5 percent, which also was the lowest level since August 2007, CoreLogic said.

“The decline in serious delinquency has been substantial, but the default rate remains high in select markets,” Frank Nothaft, chief economist for CoreLogic, said in a statement. “Serious delinquency rates were the highest in New Jersey and New York at 5.6 percent and 5 percent, respectively. In contrast, the lowest delinquency rate occurred in Colorado at 0.9 percent, where a strong job market and home-price growth have enabled more homeowners to stay current.”
Said Anand Nallathambi, president and CEO of CoreLogic, “the 7 percent appreciation in home prices through November 2016 has added an average of $12,500 in home-equity wealth per homeowner across the U.S. during the last year. Sustained growth in home prices is clearly bolstering homeowners’ spending power and balance sheets and, as a result, spurring a continued drop in defaults.”

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