RHODE ISLAND FORECLOSURE ACTIVITY DECREASES 41 PERCENT IN JULY

ACCORDING TO REALTYTRAC® U.S. FORECLOSURE MARKET REPORT

 

Activity Down 19 Percent From July 2006

 

IRVINE, Calif. – Aug. 24, 2007 – Rhode Island reported 168 foreclosure filings in July, a 41 percent decrease from the previous month, and a 19 percent decrease from July 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million 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.

 

“Employment in Rhode Island is up, especially within the education and health service industries,” said James J. Saccacio, chief executive officer of RealtyTrac. “This growth is a likely contributor to the state’s recent decrease in foreclosure activity.”

 

Rhode Island ranked 39th in the country in total foreclosures reported for July. The state’s foreclosure rate of one foreclosure filing for every 2,666 households ranked 31st among the 50 states.

 

Providence County accounts for bulk of state activity

Providence County reported 133 foreclosure filings, the most of any county for the month. Kent County was second, reporting 22 foreclosure filings for the month. Bristol and Washington counties tied for the third highest total, each reporting five foreclosure filings.

 

Providence County posts highest foreclosure rate

Providence County reported the highest county foreclosure rate in the state for July, with a rate of one foreclosure filing for every 1,921 households — 1.4 times the state average. Kent County posted the second highest foreclosure rate, with one foreclosure filing for every 3,260 households. Bristol County posted the third highest foreclosure rate, with one foreclosure filing for every 4,033 households.

 

State a minor contributor to nation’s monthly total

Total foreclosure filings in Rhode Island accounted for less than 1 percent of the 179,599 foreclosure filings nationwide in July. The national total was up 9 percent from the previous month and up 93 percent from July 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 693 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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 – July 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

36,741

57,327

23,136

35,553

26,842

179,599

693

n/a

n/a

Rhode Island

1

167

0

0

0

168

2,666

0.26

n/a

 

 

 

 

 

 

 

 

 

 

Bristol

n/a

5

n/a

n/a

n/a

5

4,033

0.17

0.66

Kent

1

21

n/a

n/a

n/a

22

3,260

0.21

0.82

Newport

n/a

3

n/a

n/a

n/a

3

13,525

0.05

0.20

Providence

n/a

133

n/a

n/a

n/a

133

1,921

0.36

1.39

Washington

n/a

5

n/a

n/a

n/a

5

11,981

0.06

0.22

 

 

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 homes, with more than 1.3 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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