Rhode Island Foreclosure Activity Declines in February

Statewide filings decrease 5 percent from January; Up 51 percent from February 2009

 

Foreclosure activity in Rhode Island decreased for the month in February to 619 properties with foreclosure filings, down 5 percent from the previous month but 51 percent above the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Rhode Island foreclosures were down slightly in February,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in auctions, which fell 19 percent for the month. Home sales throughout the state were higher than the national average last year. This may be contributing to the recent decline.”

 

Rhode Island ranked 38th in the country in total foreclosures for the month. With one in every 730 housing units receiving a foreclosure filing, its foreclosure rate ranked 22nd among the 50 states.

 

Kent County posts top foreclosure rate in the state for February

Kent County posted the state’s highest county foreclosure rate in February, with one in every 526 housing units receiving a foreclosure filing — 1.4 times the state average. Providence County was second, with one in every 635 housing units receiving a foreclosure filing. Newport County came in third highest, with one in every 1,138 housing units receiving a foreclosure filing.

 

Providence County reports highest number in total foreclosures in February

Providence County led the way, totaling 404 properties with foreclosure filings for the month. Kent County was second, documenting 138 properties with foreclosure filings. Newport County ranked third highest, reporting 36 properties with foreclosure filings for the month. Washington came in fourth place, reporting 27 properties with foreclosure filings, while Bristol County came in fifth place, reporting 14 properties with foreclosure filings.

 

State contributes less than 1 percent to nation’s month foreclosure total

Rhode Island accounted for less than 1 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: DefaultNotice of Default (NOD) and Lis Pendens (LIS); Auction — 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). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

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

 

 

Rhode Island Top Foreclosure Rates by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

Rhode Island

0

0

404

0

215

619

730

0.57

n/a

 

 

 

 

 

 

 

 

 

 

Kent

0

0

95

0

43

138

526

0.80

1.39

Providence

0

0

272

0

132

404

635

0.66

1.15

Newport

0

0

22

0

14

36

1,138

0.37

0.64

Bristol

0

0

7

0

7

14

1,448

0.29

0.50

Washington

0

0

8

0

19

27

2,274

0.18

0.32

 

 

 

Rhode Island Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

% Chg

Jan 10

% Chg

Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

Rhode Island

0

0

404

0

215

619

730

-4.62

51.34

 

 

 

 

 

 

 

 

 

 

Providence

0

0

272

0

132

404

635

-8.18

35.57

Kent

0

0

95

0

43

138

526

-3.50

126.23

Newport

0

0

22

0

14

36

1,138

28.57

227.27

Washington

0

0

8

0

19

27

2,274

17.39

-3.57

Bristol

0

0

7

0

7

14

1,448

-6.67

27.27

 

 

 

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