Delinquencies and foreclosures
The delinquency rate for mortgages in Rhode Island, defined as loans
30 days or more past due, was 4. 8 percent as of March 2018, according
to CoreLogic’s Loan Performance Insights Report. That’s down from 5. 5
percent for the same month in 2017, but it’s higher than the national
average of 4. 3 percent. The foreclosure rate in the state stood at 0.8 percent in March 2018, down from 1.1 percent for the year-earlier period.
Nationwide, 0.6 percent of outstanding mortgages were in foreclosure
as of this past March, according to CoreLogic.
The number of foreclosure filings as measured by auctions and homes
taken back by banks, or real estate owned (REO), totaled 4,033 in 2012,
according to Attom Data Solutions. Foreclosure filings generally have
been on a decline over the past six years, although the number spiked
to 3,555 in 2016. Last year, Rhode Island recorded 2,343 filings.
Rhode Island was hit hard during the Great Recession with an unemployment rate that remained at 10. 9 percent or higher during a three-year stretch from April 2009 until March 2012. For four months in 2010,
the unemployment rate hovered at 11. 3 percent, according to the U.S.
Bureau of Labor Statistics. The U.S. unemployment rate reached 10 percent for just one month during the entire recession.
Rhode Island’s unemployment rate has shrunk considerably since then,
holding steady at 4. 5 percent from this past September through April,
before dropping to 4. 4 percent in May. That’s still worse than the overall
U.S. rate, which stood at 3. 8 percent this past May. IHS Markit predicts
that Rhode Island’s population and labor force will grow at about
0.1 percent per year over the next few years — a growth rate that would
rank among the lowest in the country.
Sources: Attom Data Solutions, CoreLogic, Go Providence, IHS Markit, History.com, NBC
Channel 10, The New York Times, NPR, Pawtucket Foundation, Pawtucket Red Sox, The
Providence Journal, Rhode Island Association of Realtors, Rhode Island Department of
Labor and Training, Rhode Island Secretary of State, State Symbols USA, TheCoolist, U.S.
Bureau of Labor Statistics, U. S. Department of Commerce, Visit Rhode Island
Jim Davis is editor of Scotsman Guide Residential Edition.
Reach him at (800) 297-6030 or email@example.com.
Founded in 1639, Newport, located on the southern end of Aquidneck
Island, has relied heavily on its seaport roots throughout its history,
first as a vital hub of the whale-oil trade and, in more recent years,
as the home to the Naval War College and Naval Undersea Warfare
Center. The warfare center employs more than 2,700 mostly engineers
and scientists, according to The Providence Journal. Newport’s White
Horse Tavern, founded in 1673, is reportedly the oldest bar in the U.S.
The Slater Mill, which produced textiles, opened in Pawtucket in 1793,
helping to usher in the American industrial revolution. Textiles are no
longer so important for the city and region, but Pawtucket remains an
important center of commerce. The city of 72,000 is home to the corporate headquarters of toymaker Hasbro, medical supplier Tunstall Americas and tour company Collette. Pawtucket also boasts the longest
baseball game played in history. The 1981 Triple-A matchup between
the Pawtucket Red Sox and the Rochester Red Wings lasted 33 innings
— more than eight hours across two days — and featured future Hall of
Famers Wade Boggs and Cal Ripken Jr. The Pawtucket Red Sox won 3-2.
Renegade Puritan preacher Roger Williams founded Providence in
1636 after being forced to flee the Massachusetts Bay Colony. Today,
Providence is the capital of the state with a population of 180,000,
although neighboring cities push the metropolitan area much
higher than that. The metro area’s largest employers include state
government, health care system Lifespan, Brown University and CVS
Pharmacy, which is headquartered in nearby Woonsocket. Providence also is the birthplace of horror writer H.P. Lovecraft. A festival in
Providence honors him each August.
3 Cities to Watch
Rhode Island Foreclosure Filings
Source: Attom Data Solutions