R.I. again among states with most delinquent mortgages

PROVIDENCE – Rhode Island remains in the top five states with the most mortgages delinquent by 90 days or more, according to data from Black Knight Financial Services’ Data and Analytics division.
Black Knight, which released data on Friday, showed that Rhode Island ranked second among states in October with 3.55 percent of mortgages delinquent by 90 days or more.
That is a slight increase from September’s 90-day delinquency rate of 3.53 percent for the Ocean State. In August, Rhode Island’s rate was 3.49 percent.
Mississippi ranked first in the serious delinquency category with 5.21 percent of mortgages delinquent by 90 days or more. Alabama was third at 3.53 percent; Louisiana, fourth at 3.49 percent; and Arkansas, fifth at 3.19 percent.
Nationally, the number of properties that are 90 or more days past due, but not in foreclosure was 1,101,000, representing a drop of 17,000 properties from September to October, and 182,000 decrease from October 2013 to October 2014.
The total U.S. loan delinquency rate – loans that are 30 or more days past due, but not in foreclosure – dropped to 5.44 percent in October, a decrease of 4 percent from September. The nationwide delinquency rate fell to a seven-year low, according to Black Knight.
Black Knight said that prepayments, which are historically a good indicator of refinance activity, increased for the first time in October since July, and that foreclosure inventory decreased more than 33 percent from October 2013 to October 2014, the lowest level since February 2008.
Black Knight’s data represents mortgage statistics from its loan-level database – approximately two-thirds of the overall market.

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