RHODE ISLAND FORECLOSURE ACTIVITY DECREASES 24 PERCENT IN FIRST QUARTER

State Foreclosure Activity Up 8 Percent From Q1 2008

Monthly Foreclosure Activity Up 55 percent in March, Up 59 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 1,711 Rhode Island properties in the first quarter of 2009, a 24 percent decrease from the previous quarter, but still 8 percent above the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Rhode Island reported 633 properties with foreclosure filings in March, a 55 percent increase from the previous month and 59 percent above its March 2008 total.

 

“Foreclosure activity decreased significantly in Rhode Island in the first quarter of 2009, though it remained elevated compared to the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Growing unemployment continues to be a struggle among homeowners, though hope is seen in an estimated 12,000 Rhode Island jobs promised as part of the new economic stimulus package.”

 

Rhode Island ranked 36th in the country in total properties with foreclosure filings for the quarter. One in every 264 Rhode Island housing units received a foreclosure filing during the month, the 18th highest state foreclosure rate in the nation.

 

Providence County the single largest contributor to state total for the quarter

Providence County led the state reporting 1,317 properties with foreclosure filings. Kent County was second, reporting 225 properties with foreclosure filings for the quarter. Washington County was in third, reporting 86 properties with foreclosure filings. Newport County registered the fourth highest total, documenting 49 properties with foreclosure filings.

 

Providence County posts state’s top foreclosure rate in the state for first quarter

Providence County led the state, with one in every 195 housing units receiving a foreclosure filing — 1.4 times the state average. Kent County came in second, with one in every 321 housing units receiving a foreclosure filing. Bristol County posted the third highest foreclosure rate, where one in every 596 housing units received a foreclosure filing during the month.

 

State a minor contributor to nation’s foreclosure total for Q1 2009

Rhode Island accounted for less than 1 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the quarter  — broken out by type of filing at the county, state and national level. 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 filed against a property during the quarter — which is extremely rare — only the most recent filing is counted in the report.

 

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

 

                        Rhode Island Foreclosure Market Data by County – Q1 2009

Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%Change from Q4 08

%Change from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16

23.63

Rhode Island

0

0

830

0

881

1,711

264

-23.79

8.22

 

 

 

 

 

 

 

 

 

 

Bristol

0

0

28

0

6

34

596

6.25%

6.25%

Kent

0

0

63

0

162

225

321

-16.36%

294.74%

Newport

0

0

26

0

23

49

835

11.36%

1533.33%

Providence

0

0

674

0

643

1,317

195

-25.97%

-9.67%

Washington

0

0

39

0

47

86

709

-28.93%

177.42%

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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