Foreclosure inventory moderates, but R.I. still has many late loans

DESPITE DECLINES IN THE NUMBER OF HOMES in foreclosure, Rhode Island still has among the highest percentages of foreclosure inventory in the nation. / COURTESY CORELOGIC
DESPITE DECLINES IN THE NUMBER OF HOMES in foreclosure, Rhode Island still has among the highest percentages of foreclosure inventory in the nation. / COURTESY CORELOGIC

IRVINE, Calif. – Although foreclosures are decreasing, Rhode Island continues to post one of the nation’s highest foreclosure rates, as well as percent of loans considered seriously delinquent.
Completed foreclosures in the United States fell 20.1 percent for August, according to data analyzed by the property information company CoreLogic.
Nationwide, the country had 36,000 foreclosures completed in August, a decline from 46,000 recorded in August 2014. This represents a nearly 70 percent drop from the peak of 117,357 foreclosures, reported in September 2010.
In Rhode Island, a state that does not require judicial approval for foreclosures, the foreclosure inventory rate was 1.6 percent in August, among the highest rates reported by the 29 states and jurisdictions with non-judicial processes. In the District of Columbia, 2.4 percent of loans were in the foreclosure process, while 1.8 percent were in Nevada.
The foreclosure inventory rate has declined 0.3 percentage points in Rhode Island, however, compared with 2014.
For the 12 months ending in August, Rhode Island had 1,402 completed foreclosures, compared with 1,634 in 2014, a decline of 14.2 percent.
Among states and jurisdictions without a judicial process for foreclosures, Rhode Island had the second-highest rate of serious delinquencies, trailing only Mississippi (defined as mortgages 90 days or more behind in payments).
The percentage of Ocean State loans considered seriously delinquent was 4.8 percent for 12 months ended Aug. 31, a decline of 0.9 percentage points from the previous 12 months. Mississippi had the largest share of loans in delinquency, 5.1 percent of its volume.

No posts to display