Foreclosures drop, delinquencies rise in Providence metro

THE FORECLOSURE RATE in the Providence-Fall River-New Bedford area dropped 0.1 percentage points in September as the mortgage delinquency rate rose 0.14 percentage points, according to CoreLogic.
Posted 11/20/12

PROVIDENCE – The Providence-Fall River-New Bedford area foreclosure rate dropped 0.1 percentage points in September compared with the same period last year, CoreLogic said Tuesday.

The California-based real estate data firm reported a foreclosure rate of 2.93 percent for the metro area in September, down from 3.03 percent in September 2011. The September 2012 rate was one-tenth of a percentage point greater than the 2.83 percent in September 2010, however.

As the foreclosure rate dropped, the percentage of seriously delinquent mortgages ticked up 0.14 percentage points in September compared with the same time last year.

The Providence area 90-day delinquency rate was 7.37 percent in September, up from 7.23 percent in September 2011.

Excluding Bristol County, Mass., Rhode Island’s foreclosure rate dropped 0.27 percentage points to 3.07 percent year over year in September.

The Rhode Island 90-day delinquency rate, on the other hand, rose 0.12 percent in September to 7.46 percent.

The national foreclosure rate dropped 0.27 percentage points over the year in September to 3.25 percent. The national 90-day delinquency rate fell 0.53 percent year over year in August to 6.76 percent.

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