CoreLogic: R.I. foreclosure inventory rate falls in February

CORELOGIC SAID Rhode Island's foreclosure inventory rate was 1.7 percent in February. / COURTESY CORELOGIC
CORELOGIC SAID Rhode Island's foreclosure inventory rate was 1.7 percent in February. / COURTESY CORELOGIC

PROVIDENCE – Rhode Island’s foreclosure inventory rate was 1.7 percent in February, a 2.5 percent drop from the prior year, CoreLogic said Tuesday.
The number of completed foreclosures also fell over the year to 1,185 from 1,636. The serious delinquency rate, mortgages that are 90 days or more past due, was 4.6 percent, an 18.4 percent decrease over the year.
Rhode Island’s year-over-year decline in foreclosure inventory rate, completed foreclosures and serious delinquency rate matched nationwide trends.
Nationally, foreclosure inventory declined year over year by 23.9 percent and completed foreclosures decreased 10 percent.
Foreclosure inventory represents the number of homes at some stage of the foreclosure process and completed foreclosures reflect the total number of homes lost to foreclosure. Since the financial crisis began in September 2008, there have been approximately 6.2 million completed foreclosures across the country, CoreLogic said.
New Jersey had the highest foreclosure inventory rate in February at 4 percent, while Alaska had the lowest at 0.3 percent.

The number of completed foreclosures nationwide decreased year over year to 34,000 in February from 38,000 in February 2015. In addition, the number of completed foreclosures in February fell 71.3 percent from the peak of 117,776 in September 2010.
Florida had the highest number of completed foreclosures in February with 72,000, while Washington, D.C., and North Dakota had the least at 113 and 312, respectively.

As of February 2016, the national foreclosure inventory included approximately 434,000, or 1.1 percent, of all homes with a mortgage compared with 571,000 homes, or 1.5 percent, a year ago. The February 2016 foreclosure inventory rate is the lowest for any month since November 2007.
The February serious delinquency rate also is the lowest in eight years, since November 2007, CoreLogic said.
CoreLogic said the number of mortgages in serious delinquency declined by 19.9 percent nationwide, with 1.3 million mortgages, or 3.2 percent, in this category.
“Job creation averaged 207,000 during the first two months of 2016, and incomes grew over the past year,” Frank Nothaft, chief economist for CoreLogic, said in a statement. “More income and improved household finances have helped bring serious delinquency rates down in nearly every state. However, serious delinquency rates increased in North Dakota and West Virginia, two states affected by price declines for the energy fuel each produces.”
Said Anand Nallathambi, president and CEO of CoreLogic, “Home price gains have clearly been a driving force in building positive equity for homeowners. Longer term, we anticipate a better balance of supply with demand in many markets which will help sustain healthy and affordable home values into the future.”

No posts to display