PROVIDENCE – The share of mortgages in delinquency 30 days or more in Rhode Island was 2.6% in July, down from 3% a year earlier, according to CoreLogic Inc.
Nationally, the share of delinquent mortgages fell to a historical low of 2.7% in July, from 3% a year ago.
CoreLogic on Thursday said U.S. mortgage performance held strong in July, with both overall delinquency and foreclosure rates still hovering near record lows. Only Idaho saw overall delinquencies rise year over year, but rates in that state remain very low. Meanwhile 16 metro areas posted slight annual delinquency upticks, a drop from the previous month, when 31 metros posted increases. With hurricane season in full swing in the late summer and early fall, some areas of the U.S. could see typical seasonal delinquencies rise later this year and into 2024.
“Overall U.S. mortgage delinquencies remained near a record low in July, with the share of homes entering that status or progressing to later stages either unchanged or lower,” said Molly Boesel, principal economist for CoreLogic. “Since most borrowers have substantial amounts of home equity, those who have locked in low mortgage rates that do enter later stages of delinquency will most likely not experience foreclosures.
“And while home-equity gains have slowed from their former rapid pace. CoreLogic projects that home price growth will pick up over the next year. Borrowers should continue to build equity over the coming months, even if at a more moderate rate,” Boesel said.
Rhode Island had the third-highest mortgage delinquency rate in New England in July behind Connecticut and Maine:
- Connecticut: 3.1%, a decline from 3.6% one year prior.
- Maine: 2.7%, a decline from 3% one year prior.
- Massachusetts: 2.4%, a decline from 2.6% one year prior.
- Vermont: 2%, down from 2.5% one year prior.
- New Hampshire: 1.9%, down from 2.1% one year prior
The serious delinquency rate, or the share of mortgages past due 90 days or more, in Rhode Island was 0.9% in July, a decline from 1.2% one year prior. The foreclosure rate in July was 0.3%.