Foreclosure rate drops in Oct. in Providence metro, R.I.

CORELOGIC said the rate of Providence-Warwick-Fall River metropolitan area foreclosures among outstanding mortgage loans was 1.24 percent in October, a decrease of 0.58 percentage points compared with October 2015. / COURTESY CORELOGIC
CORELOGIC said the rate of Providence-Warwick-Fall River metropolitan area foreclosures among outstanding mortgage loans was 1.24 percent in October, a decrease of 0.58 percentage points compared with October 2015. / COURTESY CORELOGIC

PROVIDENCE – The rate of Providence-Warwick-Fall River metropolitan area foreclosures among outstanding mortgage loans was 1.24 percent in October, a decrease of 0.58 percentage points compared with October 2015, CoreLogic said Thursday.

In Rhode Island, the foreclosure rate fell to 1.17 percent, a six-tenths of a percentage point drop from October 2015.

Despite the over-the-year declines, foreclosure rates in the Providence-Warwick metro and in Rhode Island were higher than the national foreclosure rate, which was 0.85 percent in October. The national rate was 1.23 percent in October 2015. The foreclosure rate measures loans in some stage of the foreclosure process, the real estate data tracker said.

The mortgage delinquency rate also decreased in the Providence-Warwick metro over the year in October. According to CoreLogic data, 3.45 percent of mortgage loans were 90 days or more delinquent (including those in foreclosure or real estate-owned) compared with 4.86 percent for the same period last year, representing a decrease of 1.41 percentage points.

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The mortgage delinquency rate was nearly the same in Rhode Island at 3.41 percent, a 1.43 percentage point decrease over the year.

Again, the local rates were higher than the national mortgage delinquency rate, which hit 2.61 percent in October, a decline of 0.79 percentage points from October 2015.

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