CoreLogic: R.I. foreclosure inventory rate falls in Nov. to 1.8%

RHODE ISLAND'S foreclosure inventory rate fell to 1.8 percent in November, but was still higher than the national rate of 1.2 percent, CoreLogic said. / COURTESY CORELOGIC
RHODE ISLAND'S foreclosure inventory rate fell to 1.8 percent in November, but was still higher than the national rate of 1.2 percent, CoreLogic said. / COURTESY CORELOGIC

PROVIDENCE – Rhode Island’s foreclosure inventory rate fell 2.7 percentage points over the year in November to 1.8 percent, but was still higher than the national rate of 1.2 percent for the month, CoreLogic said Tuesday.
CoreLogic said that the Ocean State had 1,193 completed foreclosures in November compared with 1,653 in November 2014. The serious delinquency rate – mortgage payments that are late by 90 days or more – also fell to 4.8 percent.
The state with the highest foreclosure inventory rate was New Jersey at 4.4 percent, while Alaska had the lowest, at 0.3 percent, CoreLogic said.
The state with the highest number of completed foreclosures for the 12 months ending in November was Florida at 83,000, while the District of Columbia and North Dakota had the least for the same time period at 78 and 225, respectively.
Nationally, the foreclosure inventory declined by nearly 22 percent and completed foreclosures fell nearly 19 percent compared with November 2014. CoreLogic also said the number of completed foreclosures nationwide in November fell 71.6 percent from the peak of 117,657 in September 2010.
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 million completed foreclosures across the country, and since homeownership rates peaked in the second quarter of 2004, there have been approximately 8 million homes lost to foreclosure, CoreLogic said.
As of November, the national foreclosure inventory included approximately 448,000, or 1.2 percent, of all homes with a mortgage, compared with 573,000, or 1.5 percent, a year ago. CoreLogic said November’s rate is the lowest since November 2007.
“After peaking at 3.6 percent in January 2011, the foreclosure rate currently stands at 1.2 percent – a remarkable improvement,” Frank Nothaft, chief economist for CoreLogic, said in a statement.

And, CoreLogic said the national serious delinquency rate of 3.3 percent is the lowest since December 2007.
Said Anand Nallathambi, president and CEO of CoreLogic, “Tight post-crash underwriting standards coupled with much improved economic and housing market fundamentals have combined to push new mortgage delinquencies to 15-year lows … it is reasonable to expect a continued and significant drop in the rate of serious delinquencies and foreclosure starts in 2016.”

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