CoreLogic: R.I. foreclosure inventory dips in September

PROVIDENCE – Rhode Island’s foreclosure inventory dropped six-tenths of a percentage point in September compared with a year ago, and the state also registered fewer completed foreclosures during that same period, according to information released Wednesday by CoreLogic.
Foreclosure inventory is defined as the number of mortgaged homes in some stage of the foreclosure process.
Out of all mortgaged homes, Rhode Island’s foreclosure inventory was 1.9 percent, unchanged since August. There were 1,516 completed foreclosures in the 12 months that ended in September, compared with 1,604 during the prior-year period.
The serious delinquency rate was 5.6 percent. Serious delinquency means mortgage loans are 90 days or more past due, and it is often an indicator of future foreclosure activity.
The national foreclosure inventory rate in September was 1.6 percent, the same as it was in August and July, which is eight-tenths of a percentage point lower than it was a year ago. Completed foreclosures totaled 553,146 nationally for the 12 months that ended in September, compared with 703,479 during the prior-year period. The serious delinquency rate was 4.2 percent in September nationwide.
As of September, approximately 607,000 homes nationally were in some stage of foreclosure, compared with 924,000 in September 2013, a year-over-year decrease of 34.3 percent.
“The level of serious delinquencies has rapidly declined over the last few years, but the pace of improvement is beginning to recede,” said Sam Khater, deputy chief economist at CoreLogic, said in a statement. “As of June, serious delinquencies were 26 percent lower than the prior year, but as of September serious delinquencies were 21 percent lower.”
Said Anand Nallathambi, president and CEO of CoreLogic, “Although the foreclosure inventory and rates of seriously delinquent loans remain elevated in many states, progress is being made, and this bodes well for a better housing market in 2015 and beyond.”
September represents 20 consecutive months of at least 20 percent year-over-year declines in the national inventory of foreclosed homes.
Five states with the highest number of completed foreclosures for the 12 months that ended in September were: Florida (120,000), Texas (36,000), California (31,000), Michigan (29,000) and Georgia (27,000). These five states accounted for almost half of all completed foreclosures nationally.
Four states and the District of Columbia experienced the lowest number of completed foreclosures for the 12 months that ended in September: South Dakota (63), District of Columbia (68), North Dakota (286), West Virginia (458) and Wyoming (628).
Massachusetts had 2,705 completed foreclosures in the 12 months that ended in September, compared with 3,234 during the prior year period. Its foreclosure inventory was 1.2 percent, a decline of four-tenths of a percentage point from September 2013.

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