financial services

Providence area foreclosure rate rises

BLOOMBERG NEWS FILE PHOTO MIKE FUENTES
THE mortgage foreclosure rate in the Providence-Fall River-New Bedford area rose 0.2 percentage points in October 2011 compared with the same period in 2010, CoreLogic said Thursday.
Posted 1/5/12

PROVIDENCE – The mortgage foreclosure rate in the Providence-Fall River-New Bedford area rose 0.2 percentage points in October 2011 compared with the same period in 2010, CoreLogic said Thursday.

The California-based real estate tracking firm said 3.07 percent of outstanding loans in the area were in foreclosure during the month, up from 2.87 percent in October 2010.

CoreLogic counts the Providence-Fall-River-New Bedford area as all of Bristol County, Mass., and all of Rhode Island except Newport County.

In Rhode Island alone, the year-over-year foreclosure rate rose 0.36 percentage points in October to 3.39 percent from 3.03 percent in 2010.

Despite the increases, both the larger Providence-Fall-River-New Bedford area and Rhode Island remain below the national foreclosure rate of 3.55 percent.

While the foreclosure rate rose, the rate of mortgage delinquency, counting loans more than 90 days past due, in the Providence area declined 0.47 percentage points in October 2011 compared with a year ago to reach 7.22 percent. The Rhode Island delinquency rate fell 0.59 percentage points to 7.32 percent.

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