CoreLogic: Foreclosure rates dropped in October

FORECLOSURE RATES in the Providence-Warwick area and Rhode Island dropped in October compared with the same period a year ago, but remain higher than the national rate, CoreLogic said. / COURTESY CORELOGIC
FORECLOSURE RATES in the Providence-Warwick area and Rhode Island dropped in October compared with the same period a year ago, but remain higher than the national rate, CoreLogic said. / COURTESY CORELOGIC

PROVIDENCE – Foreclosure rates in the Providence-Warwick area and Rhode Island dropped in October compared with the same period a year ago, but remain higher than the national rate, according to data firm CoreLogic.
In October, the foreclosure rate was 1.7 percent in the Providence-Warwick area, a decrease of 0.39 percentage points from October 2013’s 2.09 percent.
Rhode Island’s foreclosure rate was similar at 1.81 percent, registering a drop of 0.44 percentage points from the prior year period.
The national rate was 1.52 percent in October, which fell 0.69 percentage points from October 2013’s 2.21 percent. The foreclosure rate represents the percentage of outstanding mortgage loans in some stage of the foreclosure process.
The percentage of mortgage loans that were delinquent by 90 days or more also decreased in October in the Providence-Warwick area to 5.3 percent, a 0.81 percentage point drop from 6.34 percent in October 2013.
Rhode Island’s 90-day mortgage delinquency rate was slightly higher in October at 5.50 percent, a drop of 0.87 percentage points from the 6.37 percent rate a year ago.
Again, Providence-Warwick and Rhode Island had higher 90-day delinquency rates than the national rate, which recorded 4.11 percent in October, a 1.05 percentage point decrease from the prior-year period.
Both foreclosure rates and 90-day delinquency rates have been falling in Rhode Island and the Providence-Warwick area since early 2013.

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