IRVINE Calif. – Rhode Island’s foreclosure inventory rate fell 0.4 percentage points from May 2012 to May 2013, according to the National Foreclosure Report from CoreLogic.
With 2.5 percent of all homes with a mortgage in a stage of foreclosure, the Ocean State’s rate is currently hovering just under the national average of 2.6 percent.
There were 1,614 completed foreclosures in Rhode Island from June 2012 to May 2013.
Throughout the country there were 52,000, a 27 percent decrease from the number reported in May 2012.
The Rhode Island rate of mortgages in serious delinquency, or mortgages that are 90 days or more past due, is 6.7 percent, roughly one point above the national average of 5.6 percent. Nationally there are 2.3 million mortgages in serious delinquency.
“The stock of seriously delinquent homes, which is the main driver of shadow inventory, is at the lowest level since December 2008,” CoreLogic Chief Economist Mark Fleming said in a statement. “Over the last year it has decreased in 42 states by double-digit figures, resulting in rapid declines in shadow inventory for the first quarter of 2013.”
With 2 million units of shadow inventory the national level has fallen 18 percentage points since last year and 34 points since its peak in 2010.
“We continue to see a sharp drop in foreclosures around the country and with it a decrease in the size of the shadow inventory,” Anand Nallathambi, president and CEO of CoreLogic, said in prepared remarks. “Affordability, despite the rise in home prices over the past year, and consumer confidence are big contributors to these positive trends.”