By PBN Staff
By PBN Staff
IRVINE, Calif. – Rhode Island’s foreclosure rate dropped in June to 1.9 percent, compared with 2.5 percent a year earlier, according to a report released Thursday by real estate data firm CoreLogic.
The 1.9 percent rate reported for June, however, represented a slight increase over May’s 1.8 percent foreclosure rate, defined as the percentage of all residential mortgages in some part of the foreclosure process. The Rhode Island rate also remained two-tenths of a percentage point above the national rate of 1.7 percent for June.
There were 1,637 completed foreclosures in Rhode Island during the 12 months ended in June, more than during the same 12-month period last year, when there were 1,596 completed foreclosures. CoreLogic put Rhode Island’s “serious delinquency rate” – the percentage of loans at least 90 days past due – at 5.7 percent for June.
In Massachusetts, foreclosure inventory fell seven-tenths of a percentage point year over year to 1.1 percent in June. Actual completed foreclosures in the 12-month period ended in June totaled 2,917 in the Bay State, down from 3,722 foreclosures for the 12 months through June 2013.
The serious delinquency rate for Massachusetts was 4.2 percent in June.
The national foreclosure rate of 1.7 percent represented a drop from 2.5 percent in June 2013. Completed foreclosures for the 12-month period through June totaled 596,554, compared with 741,837 the previous year. The serious delinquency rate for June was 4.3 percent.
“While 32 straight months of year-over-year decline in the foreclosure rate is cause for celebration, the total number of homes still in the foreclosure process remains almost four times as high as the average in the early 2000s,” said Mark Fleming, chief economist for CoreLogic.
Anand Nallathambi, president and CEO of CoreLogic, added that shadow inventories remain high in the Northeast, Florida and the Pacific Northwest. “The great news here is that the basic underpinnings of the housing market are strengthening, but there is still work to do,” he said.
The states with the highest percentage of foreclosure inventory in June included New Jersey at 5.7 percent, Florida at 5 percent, New York at 4.3 percent, Hawaii at 3.1 percent and Maine at 2.7 percent.