Foreclosure inventory drops in July in Ocean State

The Rhode Island foreclosure rate declined 0.8 percentage points in July compared with the same period last year, CoreLogic said Thursday. More

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Foreclosure inventory drops in July in Ocean State

BLOOMBERG FILE PHOTO/DANIEL ACKER
THE FORECLOSURE RATE for mortgaged homes in Rhode Island fell 0.8 percentage points in July, according to CoreLogic, to 2.2 percent.
Posted 8/29/13

PROVIDENCE – The Rhode Island foreclosure rate declined 0.8 percentage points in July compared with the same period last year, CoreLogic said Thursday.

There were 1,618 Rhode Island homes in some part of the foreclosure process last month, according to the California-based real estate data firm, 2.2 percent of all residential mortgages in the state. The state’s foreclosure rate was 2.3 percent in June.

The Ocean State’s serious delinquency rate – defined as loans that are 90 days or more past due – was 6.8 percent in July, up from 6.6 percent in June.

The national foreclosure rate in July was 2.4 percent and declined 1 percentage point from last July. The national serious delinquency rate was 5.4 percent.

“As the housing market continues to recover, the foreclosure inventory is declining quickly, down by 32 percent from a year ago,” said Mark Fleming, chief economist for CoreLogic. “Continued strength in the housing market will contribute to our outlook for ongoing improvement in the stock of distressed assets through the end of this year.”

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