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

RHODE ISLAND'S FORECLOSURE inventory rate fell to 1.1 percent in October, CoreLogic said. / COURTESY CORELOGIC
RHODE ISLAND'S FORECLOSURE inventory rate fell to 1.1 percent in October, CoreLogic said. / COURTESY CORELOGIC

PROVIDENCE – Rhode Island’s foreclosure inventory rate dropped to 1.1 percent in October, but remained higher than the national rate of 0.8 percent, CoreLogic said Tuesday.
The Ocean State’s foreclosure inventory rate fell 35.8 percent over the year.

Rhode Island also had 1,619 completed foreclosures for the 12 months ending in October, a nearly 30 percent increase from the same time period a year ago.
Rhode Island’s serious delinquency rate, which measures the percentage of loans that are more than 90 days delinquent, including those in foreclosure and real estate-owned, fell 30 percent over the year, to 3.3 percent in October.
CoreLogic said the national foreclosure inventory included approximately 328,000, or 0.8 percent, of all homes with a mortgage, compared with 479,000 homes, or 1.2 percent, in October 2015.
“Housing and labor markets improved over the past year, setting the stage for further declines in foreclosure rates across much of the nation,” Anand Nallathambi, president and CEO of CoreLogic, said in a statement. “Home values posted an annual gain of 5.8 percent through September in the CoreLogic Home Price Index, and payroll employment rose 2.4 million for the year through October.”
States with the highest number of completed foreclosures in the 12 months ending in October were Florida (51,000), Michigan (29,000), Texas (26,000), Ohio (23,000) and Georgia (20,000). Those five states accounted for 36 percent of completed foreclosures nationally.
Four states and the District of Columbia had the lowest number of completed foreclosures in the 12 months ending in October: the District of Columbia (212), North Dakota (278), West Virginia (407), Alaska (622) and Montana (660).
Four states and the District of Columbia had the highest foreclosure inventory rates in October: New Jersey (2.8 percent), New York (2.7 percent), Maine (1.7 percent), Hawaii (1.7 percent) and the District of Columbia (1.6 percent).
States with the lowest foreclosure inventory rates in October 2016 were Colorado (0.3 percent), Minnesota (0.3 percent), Arizona (0.3 percent), Utah (0.3 percent) and Michigan (0.3 percent).

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