PROVIDENCE– The share of home loans in delinquency one month or more in Rhode Island was 2.7% in May, down a little from the previous month and from 4.4% year over year, CoreLogic Inc. stated on Tuesday.
Rhode Island’s April delinquency rate was 2.9%. The nationwide delinquency rate in May was 2.9%, a decrease from 4.7% in May 2021.
” Early-state home loan delinquencies are at a generational low supported by a strong labor market,” stated Molly Boesel, primary economic expert at CoreLogic. “In addition, severe delinquencies have actually decreased to where they remained in early 2020. While the foreclosure rate stays low, about half of severe delinquencies are from home loans that are 6 months or more unpaid. This recommends that there might be little boosts in the foreclosure rate later on this year.”
Rhode Island had the third-highest home loan delinquency rate in New England in May, behind Connecticut and Maine:
- Connecticut: 3.3%, a decrease from 5.8% one year prior.
- Maine: 2.8%, a decrease from 4.3% one year prior.
- Massachusetts: 2.3%, a decrease from 4% one year prior.
- Vermont: 2.2%, a decrease from 3.7% one year prior.
- New Hampshire: 2%, a decrease from 3.4% one year prior.
The severe delinquency rate, or the share of home loans unpaid 90 days or more, in Rhode Island was 1.3% in May, a decrease from 2.9% one year prior. The foreclosure rate in May was 0.3%, like April 2021.
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