Projo Biz Blog

By Andy Smith
Journal staff writer

Data on mortgage loans in Rhode Island for the first three months of 2009 shows the delinquency rate -- loans at least 30 days behind -- has dropped, while the rate of foreclosures has gone up slightly.

A report issued this week by the Mortgage Bankers Association shows the rate of mortgage foreclosures in Rhode Island rose in the first quarter of 2009, rising to 3.83 percent, compared to 3.49 percent in the final quarter of 2008. It's the second highest foreclosure rate in New England, trailing only Maine's 3.92 percent.

Nationally, however, Rhode Island's foreclosure rate lags behind such states as Florida (10.56), Nevada (7.83), Arizona (5.56) and California (5.21)

Rhode Island's mortgage delinquency rate dropped from 8.75 percent to 8.25 percent in the first quarter of 2009. The Mortgage Banker's Assocation, a national association based in Washington, D.C., that represents the real estate finance industry, defines the delinquency rate as the percentage of loans that are at least one payment past due. The figure does not include loans in the process of foreclosure. The association report said 3.36 percent of Rhode Island loans are 30 days overdue, 1.63 percent are 60 days overdue, and 3.26 percent are at least 90 days overdue.

According to the report, Rhode Island's mortgage delinquency rate is the highest in New England and 14th highest in the country.

Related link: Bankruptcy filings soar in R.I. as people try to save homes

 Tags  economy foreclosures mortages Rhode Island

---