JACKSONVILLE, Fla. – Rhode Island had the seventh-highest rate of foreclosure and loan delinquency in the nation in June even as the rate declined from June 2012, according the Mortgage Monitor report released Monday by Lender Processing Services.
Of all active mortgages in the Ocean State, 12.3 percent were in foreclosure or some state of delinquency in June, compared with 12.7 percent in June 2012.
The foreclosure rate fell in that time, from 4 percent in June last year to 3.2 percent in June 2013. Foreclosures edged up slightly from May, when the rate was 3.1 percent.
A higher percentage of mortgages were in some state of delinquency year over year, with 9.1 percent in June compared with 8.7 percent a year ago. The delinquency rate – which LPS calculates as any loan 30 days or more past due – increased month to month as well, up from 8.4 percent in May.
In a statement, Herb Blecher, LPS applied analytics senior vice president, noted that a June spike in new delinquencies month over month is typical.
Nationwide, delinquencies fell in June to 6.68 percent from 7.14 percent in June 2012. Foreclosures fell from 4.09 percent to 2.93 percent in the same period.
Last week, data tracker CoreLogic reported that 2.3 percent of homes in the Ocean State were in the process of foreclosure in June, with at least some of the difference between that and LPS’s figure coming from the the fact that LPS counts mortgages in foreclosure once a servicer has sent it to an attorney for foreclosure, while CoreLogic only counts foreclosures that have been placed in the process of foreclosure.
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