Foreclosures, delinquency rate fall in metro area for January
THE FORECLOSURE RATE in the Providence-Warwick metro area came in at 1.98 percent in January, 0.88 percentage points lower than the 2.86 percent reported in January 2013, and one-hundredth of a percentage point greater than the national rate for January of 1.97 percent.
IRVINE, Calif. – Foreclosures in the Providence-Warwick metro area declined to 1.98 percent of all outstanding mortgage loans for the month of January from 2.86 percent during the same month a year earlier, according to a CoreLogic report released Monday.
The metro-area foreclosure rate also dropped on a month-over-month basis from the 2.03 percent rate reported in December, CoreLogic said.
CoreLogic defines the foreclosure rate as the percentage of home loans in some stage of the foreclosure process, and does not include new foreclosure filings.
Foreclosure activity in Providence-Warwick for January was roughly equal to the national foreclosure rate of 1.97 percent. A year earlier, in January 2013, the U.S. foreclosure rate was 2.9 percent.
In addition to the lower foreclosure rate, the mortgage delinquency rate dropped in the Providence-Warwick metro area for January. According to CoreLogic report, 6.39 percent of mortgage loans were delinquent 90 days or more in January, compared with 7.3 percent during the same period the year prior. The Providence-Warwick mortgage delinquency rate also declined slightly from December, when it was 6.45 percent.
Providence-Warwick’s mortgage delinquency rate for January was higher than the national rate of 4.93 percent. In January 2013, 6.36 percent of mortgage loans were delinquent 90 days or more in the United States.
CoreLogic, based in Irvine, Calif., is a property information, analytics and services provider in the United States and Australia.