R.I. 2nd among states with late mortgages, 5th for foreclosures

BLACK KNIGHT FINANCIAL SERVICES SAID Rhode Island ranked second among states with loans that are 90 days delinquent or more, and also ranked fifth among states for having 10.16 percent of active loans as foreclosures and delinquencies. / COURTESY BLACK KNIGHT FINANCIAL SERVICES
BLACK KNIGHT FINANCIAL SERVICES SAID Rhode Island ranked second among states with loans that are 90 days delinquent or more, and also ranked fifth among states for having 10.16 percent of active loans as foreclosures and delinquencies. / COURTESY BLACK KNIGHT FINANCIAL SERVICES

PROVIDENCE – In December, Rhode Island again ranked second among states with loans that are 90 days delinquent or more, according to Black Knight Financial Services.
Black Knight, in its “first look” at December mortgage data, said the Ocean State had 3.85 percent of loans that were 90 or more days delinquent, trailing only Mississippi, at 5.3 percent. The rest of the top five is as follows: Louisiana, 3.61 percent; Alabama, 3.56 percent; and Maine, 3.42 percent.
Rhode Island also made the top five in another ranking that compiled the number of foreclosures and delinquencies as a percent of active loans in states. It ranked fifth with 10.16 percent of loans falling into that category. Coming in first was Mississippi at 14.18 percent, followed by New Jersey, 11.9 percent; Louisiana, 11.06 percent; and New York, 10.39 percent.
Black Knight said that nationally, the delinquency rate for loans 30 or more days past due was 5.6 percent in December, a drop of 12.7 percent from a year ago at the same time.
The prepayment rate increased more than 28 percent year over year in December. At 1.15 percent, it is at the highest level since August 2013. The foreclosure inventory rate, at 1.61 percent, also continues to decline, as it has decreased nearly 35 percent from December 2013.

Black Knight said the number of mortgaged properties nationally that were 30 or more days past due, but not in foreclosure, in December numbered 2.9 million, a drop of 375,000 properties compared with December 2013.
The number of properties in foreclosure pre-sale inventory was 820,000, a year-over-year decrease of 424,000. The number of properties that are 30 or more days past due or in foreclosure was 3.7 million, an 800,000 drop compared with last year.

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