CoreLogic: R.I. foreclosure inventory rate 1.9% in September

RHODE ISLAND'S foreclosure inventory rate was 1.9 percent in September, unchanged from a year ago, CoreLogic said. / COURTESY CORELOGIC
RHODE ISLAND'S foreclosure inventory rate was 1.9 percent in September, unchanged from a year ago, CoreLogic said. / COURTESY CORELOGIC

PROVIDENCE – Rhode Island’s foreclosure inventory rate was 1.9 percent in September, unchanged from a year ago, but slightly above the national rate of 1.2 percent, CoreLogic said Tuesday.

Rhode Island had the eighth-highest foreclosure inventory rate in the nation in September, tying with Connecticut. New Jersey led the nation with a 4.6 percent foreclosure inventory rate, followed by New York, 3.7 percent; Florida, 2.6 percent; Hawaii, 2.5 percent; the District of Columbia, 2.4 percent; Maine and New Mexico, 2.1 percent; and Delaware, 2 percent.

For the 12 months ending in September, CoreLogic said the Ocean State had 1,336 completed foreclosures, an 18 percent drop from a year ago when there were 1,632 completed foreclosures.
Rhode Island’s serious delinquency rate, representing mortgages that are 90 days or more past due, was 4.8 percent in September. It also dropped 0.8 percent compared with September 2014, CoreLogic said.
Rhode Island’s drop in completed foreclosures and serious delinquency rate mirrored national patterns.

Anand Nallathambi, president and CEO of CoreLogic, said, “The rate of delinquencies continues to drop back closer to historic norms powered by improved economic conditions and tighter post-recession underwriting standards. As we head into 2016, based on almost every major metric, the fundamentals underpinning the housing market are healthier than any time since 2007.”
Nationally, the foreclosure inventory rate fell four-tenths of a percentage point year over year in September. Completed foreclosures also fell over the year, to 493,953 from 618,461, and the serious delinquency rate was 3.4 percent, a nine-tenths of a percentage point drop from a year ago.
The state with the highest number of completed foreclosures for the 12 months ending in September was Florida with 91,000, while the District of Columbia and North Dakota had the lowest number of completed foreclosures for the same period at 69 and 310, respectively.
Alaska had the lowest foreclosure inventory rate at 0.3 percent.

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