RHODE ISLAND FORECLOSURES DECREASE 16 PERCENT IN NOVEMBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Providence County Reports Most Foreclosures, Highest Rate for Month

 

IRVINE, Calif. – Dec. 11, 2006 – Rhode Island reported 155 properties entering some stage of the foreclosure process in November, a 16 percent decrease from the 184 properties reported in October, according to the RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Although foreclosures declined in Rhode Island for November, the foreclosure numbers reported have increased significantly there since last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s housing market has slowed considerably this year after experiencing rapid growth during the past two years. This slowdown has likely contributed to the overall increase in foreclosures we are now seeing.”

 

Rhode Island ranked 38th in the country in total foreclosures reported for November. The state’s foreclosure rate of one new foreclosure filing for every 2,838 households ranked 31st among the 50 states.

 

Top three counties account for majority of state total

Three counties accounted for 97 percent of all Rhode Island foreclosures in November.

Providence County reported the largest share of activity for the month, with 120 properties entering some stage of the foreclosure process. Kent County reported the second highest total, with 23 properties entering some stage of foreclosure. Third highest was Bristol County, which reported seven properties entering the foreclosure pipeline. 

 

Providence County posts state’s top foreclosure rate

Providence County posted the state’s highest foreclosure rate in November, with one new foreclosure filing for every 2,110 households — 1.4 times the state average. Bristol County reported the second highest foreclosure rate, with one new foreclosure filing for every 2,840 households. Kent County documented the third highest foreclosure rate, with one new foreclosure filing for every 3,059 households.

 

State makes minor contribution to national total

Rhode Island’s foreclosure activity accounted for less than 1 percent of the 120,334 properties entering some stage of foreclosure nationwide in November. The national total represents a 4 percent increase from the 115,568 foreclosures reported in October. The nation’s foreclosure rate increased to one new foreclosure filing for every 961 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

                   Rhode Island Foreclosure Market by County – November 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

31,027

44,448

5,685

16,263

22,911

120,334

961

n/a

n/a

Rhode Island

0

155

0

0

0

155

2,838

0.34

n/a

 

 

 

 

 

 

 

 

 

 

Bristol

0

7

0

0

0

7

2,840

0.34

0.99

Kent

0

23

0

0

0

23

3,059

0.31

0.92

Newport

0

0

0

0

0

0

n/a

0.00

0.00

Providence

0

120

0

0

0

120

2,110

0.45

1.34

Washington

0

5

0

0

0

5

11,363

0.08

0.25

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. For more information, visit www.realtytrac.com.

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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