Providence area foreclosures drop, delinquencies rise in May

By Patrick Anderson
PBN Staff Writer
Twitter: @andersonpbn

PROVIDENCE – The foreclosure rate in the Providence-Fall River-New Bedford area fell .2 percentage points in May compared with the same period last year, CoreLogic said Wednesday.

Figures released by the Santa Ana, Calif.-based real estate data firm showed 2.87 percent of outstanding home loans in the Providence area were subject to foreclosure in May, down from 3.07 percent in May 2011.

The declining foreclosure rate was driven by Rhode Island, where the year-over-year foreclosure rate fell .3 percentage points in May to 3.04 percent.

Although the foreclosure rate dropped, the mortgage delinquency rate in the Providence area rose .05 percentage points in May compared with the same period last year. 7.32 percent of all Providence area mortgages are now 90 days or more past due, up from 7.27 percent last May.

The increase in delinquencies was driven by Bristol County, Mass. as Rhode Island’s year-over-year mortgage delinquency rate fell .05 percentage points in May to 7.37 percent.

The rise in the Providence area delinquency rate lifted it further above the national delinquency rate, which fell .36 percentage points in May compared with the same period last year to 6.94 percent.

The foreclosure rate in the Providence area remains below the national rate, which fell .05 percentage points in May to 3.41 percent.