Foreclosure, loan delinquency rates decline in metro area
THE FORECLOSURE and loan delinquency rates continued their long-term declines in the Providence-Fall River-New Bedford metro area, although the rates of change were not as large as is happening across the nation.
WASHINGTON – June saw a year-over-year decline in the foreclosure and 90-plus-day loan delinquency rates in the Providence-Fall River-New Bedford metro area, according to CoreLogic, the international property information service, although the declines were not as significant in the region as they were nationally.
The rate of homes in the foreclosure process in the metro area fell 0.52 percentage points to 2.35 percent in June in the metro area, a rate that stood below the Rhode Island rate of 2.43 percent as well as the national rate of 2.49 percent. (CoreLogic defines the foreclosure rate as the percentage of home loans in the legal process of foreclosure and does not include foreclosure filings.)
The foreclosure rate decline in the metro area represented a change of 18.1 percent over the 12-month period, less than the 25.9 percent decline recorded across the nation. The peak of the foreclosure rate in the metro area in the last two-and-a-half years occurred in March 2011, at 3.27 percent.
The 90-plus day delinquency rate – defined as the percentage of home loans that are more than 90 days delinquent, including those in foreclosure and real estate owned – fell in the last year by 0.59 percentage points to 6.8 percent in the metro area. The delinquency rate for Rhode Island stood at 6.87 percent in June, while the national rate was 5.55 percent.
Similar to the rate of change for the foreclosure rate, the delinquency rate year-over-year drop in June for the metro area came in at 8 percent, compared with the national change rate of 19.1 percent. The peak for the rate in the metro area since the beginning of 2011 occurred in February 2011, at 7.86 percent.
In addition, while the foreclosure rate in the metro area for June represented a decline of 0.05 percentage points from the 2.4 percent recorded in May, the delinquency rate increased over the month by 0.05 percentage points.