Foreclosure, delinquency rates decline in R.I., Mass. for Oct.

The Rhode Island foreclosure rate declined 0.6 percentage points in October compared with the same period last year, CoreLogic reported Monday. More

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Foreclosure, delinquency rates decline in R.I., Mass. for Oct.

BLOOMBERG FILE PHOTO/DANIEL ACKER
RHODE ISLAND'S FORECLOSURE rate dropped to 2.4 percent in October, according to CoreLogic. The national foreclosure rate for October was 2.2 percent, and the Massachusetts rate was 1.5 percent.
Posted 12/9/13

PROVIDENCE – The Rhode Island foreclosure rate declined 0.6 percentage points in October compared with the same period last year, CoreLogic reported Monday.

According to the Irvine, Calif.-based real estate data firm, 2.4 percent of all residential mortgages in the state were in some part of the foreclosure process in October, compared with the national foreclosure rate of 2.2 percent. In September, the state’s foreclosure rate was 2.3 percent.

Completed foreclosures – an indication of the total number of homes actually lost to foreclosure – numbered 1,518 in Rhode Island for the 12 months ended in October, compared with 1,584 completed foreclosures during the 12 months ended in September.

The Ocean State’s serious delinquency rate – defined as loans that are 90 days or more past due – was 6.5 percent in October, down from 6.6 percent in September.

In Massachusetts, the October foreclosure rate declined 0.5 percentage points to 1.5 percent compared with October 2012. The foreclosure rate was 1.6 percent in September.

A total of 2,900 foreclosures were completed in Massachusetts in the 12 months ended in October, down from 3,040 foreclosures completed during the 12 months ended in September.

The serious delinquency rate in Massachusetts held steady in October at 4.8 percent.

The October national foreclosure rate of 2.2 percent represented a decline of 0.8 percentage points from October 2012. Completed foreclosures nationwide totaled 636,352 in the 12 months ended in October.

The national serious delinquency rate in October was 5.1 percent, down from 5.2 percent in September.

“The scourge of an elevated foreclosure inventory is easing. In October, every state posted a year-over-year decline in completed foreclosures, which is positive news,” said Anand Nallathambi, president and CEO of CoreLogic. “Additionally, the rate of serious delinquencies, which fell more than 25 percent year over year, is at the lowest level in nearly five years, which is great news as we head into a new year.”

The five states with the highest foreclosure inventories in September as a percentage of all mortgaged homes were Florida (7.1 percent), New Jersey (6.7 percent), New York (4.9 percent), Maine (3.8 percent) and Connecticut (3.7 percent).

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