Metro area foreclosure rate below U.S. average for February

Foreclosures in the Providence-Warwick metro area declined to 1.89 percent of all outstanding mortgage loans for the month of February from 2.85 percent reported during the same month a year earlier, according to a CoreLogic report released Tuesday. More

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Metro area foreclosure rate below U.S. average for February

COURTESY CORELOGIC
THE FORECLOSURE RATE in the Providence-Warwick metro area came in at 1.89 percent in February, 0.96 percentage points lower than the 2.85 percent reported in February 2013, and four-hundredths of a percentage point lower than the national rate for February of 1.93 percent.
Posted 4/22/14

IRVINE, Calif. – Foreclosures in the Providence-Warwick metro area declined to 1.89 percent of all outstanding mortgage loans for the month of February from 2.85 percent reported during the same month a year earlier, according to a CoreLogic report released Tuesday.

The metro-area foreclosure rate also dropped slightly on a month-over-month basis from the 1.98 percent rate reported in January, 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 February was below the national foreclosure rate of 1.93 percent. A year earlier, in February 2013, the U.S. foreclosure rate was 2.86 percent.

In addition to the lower foreclosure rate, the mortgage delinquency rate dropped in the Providence-Warwick metro area for February. According to CoreLogic report, 6.17 percent of mortgage loans were delinquent 90 days or more in February, compared with 7.22 percent during the same period the year prior. The Providence-Warwick mortgage delinquency rate also declined slightly from January, when it was 6.39 percent.

Providence-Warwick’s mortgage delinquency rate for February was higher than the national rate of 4.83 percent. In February 2013, 6.22 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.

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