ECONOMIC INDICATORS

Foreclosures drop, delinquencies rise in Providence metro in July

COURTESY CORELOGIC
FORECLOSURE RATES dropped in both Rhode Island and the Providence-Fall River-New Bedford area as mortgage delinquencies rose.
Posted 9/25/12

PROVIDENCE – The foreclosure rate in the Providence-Fall River-New Bedford area fell 0.1 percentage points in July compared with the same period in 2011, CoreLogic said Tuesday.

Figures released by the Santa Ana, Calif.-based real estate data firm showed 2.8 percent of outstanding home loans in the Providence area were subject to foreclosure in May, down from 2.9 percent in July 2011.

The declining foreclosure rate was driven by Rhode Island, where the year-over-year foreclosure rate fell 0.23 percentage points in July to 2.94 percent.

The foreclosure rate in the Providence area remains below the national rate, which fell 0.21 percentage points in July to 3.25 percent.

Although the foreclosure rate dropped, the mortgage delinquency rate in the Providence area rose 0.1 percentage points in July compared with the same period last year. Of all Providence-area mortgages, 7.28 percent are now 90 days or more past due, up from 7.18 percent last July.

The increase in delinquencies was driven by Bristol County, Mass., as Rhode Island’s year-over-year mortgage delinquency was mostly unchanged, increasing 0.01 percentage points to 7.45 percent in May.

The rise in the Providence-area delinquency rate lifted it further above the national delinquency rate, which fell 0.52 percentage points in year over year to 6.71 percent.

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