Foreclosures in metro area below national rate in October

THE FORECLOSURE RATE in the Providence-Warwick metro area came in at 2.06 percent in October, down 0.76 percentage points from 2.82 percent in October 2012, and below the national rate of 2.15 percent. / COURTESY CORELOGIC
THE FORECLOSURE RATE in the Providence-Warwick metro area came in at 2.06 percent in October, down 0.76 percentage points from 2.82 percent in October 2012, and below the national rate of 2.15 percent. / COURTESY CORELOGIC

IRVINE, Calif. – Foreclosures in the Providence-Warwick metro area declined for the month of October compared with the same period last year, and also dropped slightly compared with a month earlier, according to a CoreLogic report released Monday.

The CoreLogic data put the rate of metro-area foreclosures among outstanding mortgage loans at 2.06 percent in October, down 0.76 percentage points from 2.82 percent in October 2012.

In September, the CoreLogic foreclosure rate for the metro area was 2.24 percent.

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.

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The Monday CoreLogic report reflected changes to the U.S. Office of Management and Budget’s metro area naming convention, shifting the CoreLogic reporting area for Rhode Island to Providence-Warwick instead of the previously reported Providence-New Bedford-Fall River area.

Foreclosure activity in Providence-Warwick for October was lower than the national foreclosure rate of 2.15 percent. A year ago, the U.S. foreclosure rate was 3.06 percent.

The mortgage delinquency rate also dropped in the Providence-Warwick metro area. According to CoreLogic report, 6.45 percent of mortgage loans were delinquent 90 days or more in October, compared with 7.27 percent during the same period last year.

The national mortgage delinquency rate was 5.11 percent in October and 6.52 percent a year earlier in October 2012.

CoreLogic, based in Irvine, Calif., is a property information, analytics and services provider in the United States and Australia.

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