R.I. foreclosures dropped in November

RHODE ISLAND, like the rest of the nation, saw its foreclosure inventory fall in November, according to data released Wednesday by CoreLogic. / COURTESY CORELOGIC
RHODE ISLAND, like the rest of the nation, saw its foreclosure inventory fall in November, according to data released Wednesday by CoreLogic. / COURTESY CORELOGIC

PROVIDENCE – Rhode Island, like the rest of the nation, saw its foreclosure inventory fall in November, according to data released Wednesday by CoreLogic.
Rhode Island’s foreclosure inventory, which means properties in some stage of foreclosure, was 1.8 percent, a 0.5 percentage point drop from November 2013.
For the 12 months ending Nov. 30, the Ocean State registered 1,546 completed foreclosures, compared with 1,550 completed foreclosures for the year earlier period.
The serious delinquency rate – mortgages which are 90 or more days past due – was 5.4 percent, among the highest in the nation, trailing only New Jersey (8.9 percent), Florida (8.1 percent), Maryland (5.8 percent) and Mississippi, Connecticut and Maine (5.5 percent each).
The five states with the highest number of completed foreclosures for the 12 months ending in November were: Florida (118,000), Michigan (50,000), Texas (36,000), California (29,000) and Ohio (29,000). Four states and the District of Columbia had the lowest number of completed foreclosures for that same period: South Dakota (54), District of Columbia (62), North Dakota (298), West Virginia (534) and Wyoming (573).
New Jersey had the highest foreclosure inventory as a percentage of all mortgaged homes at 5.3 percent, followed by New York at 4.1 percent and Florida, 3.9 percent. Alaska, Nebraska and North Dakota, at 0.4 percent each, had the lowest, trailed by Arizona and Montana, at 0.5 percent each.
Nationally, there were 41,000 completed foreclosures in November, compared with 46,000 in November 2013, a year-over-year decrease of 9.6 percent and a 64 percent decrease from September 2010’s peak of completed foreclosures.
Before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.
The foreclosure inventory made up 1.5 percent of all homes nationally with a mortgage, compared with 2.2 percent in November 2013. The current foreclosure rate of 1.5 percent is the lowest inventory level since March 2008, CoreLogic said.
“The foreclosure rate fell in every state, with only the District of Columbia seeing a small increase,” Molly Boesel, senior economist, said in a statement. “However, some states still have foreclosure rates of more than twice the national rate. While the national level of foreclosures may normalize in the next two years, there will always be the potential for some pockets of distress in the mortgage market.”
“The number of completed foreclosures over the past twelve months – just under 575,000 – are at the lowest level in seven years,” Anand Nallathambi, president and CEO of CoreLogic, said.
He said they expect to see the foreclosure inventory drop to below 500,000 homes sometime in the first quarter of 2015, which he called “another milestone in the healing of the housing market.”
November also represented 26 consecutive months of double-digit declines in the year-over-year percent change for the foreclosure inventory.

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