economic indicators

Foreclosure, delinquency rates rise in Providence metro

FORECLOSURES IN THE Providence-Fall River- New Bedford area rose slightly to 2.99 percent in August and the metro area's mortgage delinquency rate rose to 7.39 percent.
Posted 10/25/12

PROVIDENCE – The Providence-Fall River-New Bedford area foreclosure rate rose 0.04 percentage points in August compared with the same period last year, Corelogic said Thursday.

The California-based real estate data firm reported a foreclosure rate of 2.99 percent for the metro area in August, up from 2.95 percent in August of 2011.

As the foreclosure rate ticked up, the percentage of seriously delinquent mortgages increased 0.23 percentage points in August compared with the same time last year.

The Providence area 90-day delinquency rate was 7.39 percent in August, up from 7.16 percent in August 2011.

The increase in the metro-area foreclosure rate was driven by Bristol County, Massachusetts.

While Rhode Island’s foreclosure rate remains higher, it fell 0.08 percentage points year over year in August to 3.16 percent.

The Rhode Island 90-day delinquency rate, on the other hand, rose 0.19 percent in August to 7.49 percent.

The national foreclosure rate headed in the opposite direction from the Providence area in August, declining 0.11 percentage points from last year to 3.35 percent.

The national 90-day delinquency rate fell 0.43 percent year over year in August to 6.76 percent.

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