Rhode Island Foreclosure Activity Declines in January

Statewide filings down 5 percent from December

 

Foreclosure activity in Rhode Island decreased in January to 649 properties with foreclosure filings, a 5 percent decline from December 2009 and down 13 percent from January 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 696 Rhode Island housing units received a foreclosure filing in January, the 25th highest foreclosure rate in the nation.

 

“With the exception of one month, Rhode Island has led the nation in foreclosure activity since September 2006, and is starting off 2010 the same way although the yearly decline in activity is encouraging,” said James J. Saccacio, chief executive officer of RealtyTrac. “Default notices posted the largest yearly decline, down 36 percent from January 2009, while the biggest monthly decline was seen in bank-owned properties, down 17 percent from December. Still, statewide unemployment continues to linger well above the national average. So even though home sales activity has picked up thanks to the government tax credit program, until people feel secure about having a steady income, foreclosures will continue to be a major problem around the state.”

 

Kent County posts top foreclosure rate in the state for January

Kent County posted the state’s highest county foreclosure rate in January, with one in every 507 housing units receiving a foreclosure filing. Providence County had the second highest foreclosure rate, with one in every 583 housing units receiving a foreclosure filing. Bristol County was third, with one in every 1,351 housing units receiving a foreclosure filing. Newport County came in fourth highest, with one in every 1,463 housing units receiving a foreclosure filing. Washington County posted the fifth highest foreclosure rate, where one in every 2,670 housing units received a foreclosure filing during the month.

 

Providence County accounted for most of state’s foreclosure filings for January

Providence County led all counties, totaling 440 properties with foreclosure filings for the month. Kent County was second highest, documenting 143 properties with foreclosure filings. Reporting 28 properties with foreclosure filings for the month, Newport County had the third highest foreclosure total. Washington County came in fourth highest, reporting 23 properties with foreclosure filings, followed by Bristol County where 15 properties with foreclosure filings were reported.

 

State a minor contributor to nation’s foreclosure total in January

Rhode Island accounted for less than 1 percent of the 315,716 properties with foreclosure filings reported nationwide in January. Total U.S. activity declined nearly 10 percent from the previous month but was still 15 percent ahead of January 2009. One in every 409 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: Default Notice 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 – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

n/a

n/a

Rhode Island

0

0

498

0

151

649

696

0.59

n/a

 

 

 

 

 

 

 

 

 

 

Kent

0

0

110

0

33

143

507

0.80

1.37

Providence

0

0

346

0

94

440

583

0.69

1.19

Bristol

0

0

12

0

3

15

1,351

0.30

0.52

Newport

0

0

20

0

8

28

1,463

0.28

0.48

Washington

0

0

10

0

13

23

2,670

0.15

0.26

 

 

Rhode Island Top Foreclosure Totals by County – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 09

% Chg Jan 09

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

-9.67

15.06

Rhode Island

0

0

498

0

151

649

696

-5.39

-12.89

 

 

 

 

 

 

 

 

 

 

Providence

0

0

346

0

94

440

583

-2.00

-27.39

Kent

0

0

110

0

33

143

507

-4.03

70.24

Newport

0

0

20

0

8

28

1,463

-39.13

64.71

Washington

0

0

10

0

13

23

2,670

27.78

-8.00

Bristol

0

0

12

0

3

15

1,351

-37.50

15.38

 

 

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