R.I. remains among top five states with delinquent mortgages

IN THE TOP FIVE states with mortgages that are 90 days over being due, Rhode Island tied with Louisiana for third at 3.49 percent. Mississippi ranks first with a 5.25 percent, followed by Alabama at 3.68 percent. Massachusetts rounds out the list at 3.49 percent. / COURTESY BLACK KNIGHT FINANCIAL SERVICES
IN THE TOP FIVE states with mortgages that are 90 days over being due, Rhode Island tied with Louisiana for third at 3.49 percent. Mississippi ranks first with a 5.25 percent, followed by Alabama at 3.68 percent. Massachusetts rounds out the list at 3.49 percent. / COURTESY BLACK KNIGHT FINANCIAL SERVICES

PROVIDENCE – Rhode Island was among the top five states last month with the highest percentage of delinquent mortgages, and also ranks fifth among states with the highest percentage of “underwater” properties in the second quarter, according to information released Thursday by two separate real estate data tracking firms.

Black Knight Financial Services’ data showed that nationally, delinquent inventory increased by 146,000 from July, with the majority being early-stage delinquencies. The total U.S. loan delinquency rate – loans that are 30 or more days past due, but not in foreclosure – increased 5.9 percent, the highest point since February.
Black Knight’s data represents mortgage statistics from its loan-level database – approximately two-thirds of the overall market.
In the top five states with mortgages that are 90 days over being due, Rhode Island tied with Louisiana for third at 3.49 percent. Mississippi ranks first with 5.25 percent, followed by Alabama at 3.68 percent. Massachusetts rounds out the list at 3.49 percent.

In CoreLogic’s report, Rhode Island ranked fifth among states with the highest percentage of mortgaged properties “underwater” or “upside down” at 14.8 percent (34,371 mortgages out of 233,018).
Nevada was first with 26.3 percent, followed by Florida, 24.3 percent; Arizona, 19 percent; and Illinois, 15.4 percent.

Underwater or upside down – known as negative equity – means that a homeowner owes more on their mortgage than their house is worth. It occurs because of a value decline, increase in mortgage debt, or combination of both.

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In the Providence-Warwick metro area, 13.9 percent, or 49,176 of all residential properties with a mortgage, were underwater in the second quarter, compared with 16.2 percent, or 57,386 properties in the first quarter.
CoreLogic released information showing that nationwide, 950,000 homes returned to positive equity in the second quarter of 2014, bringing the number of residential properties with equity to more than 44 million.
But the analysis also showed that approximately 5.3 million homes, or 10.7 percent of all residential properties with a mortgage, had negative equity as of the second quarter. Still, that is a decline from first quarter figures showing 6.3 million homes, or 12.7 percent, in negative equity, and 2013 second quarter numbers showing 7.2 million homes, or 14.9 percent, underwater.

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