RHODE ISLAND FORECLOSURE ACTIVITY DOWN 11 PERCENT IN MARCH

Statewide Foreclosure Filings Up 26 Percent From March 2007

 

IRVINE, Calif. – April 30, 2008 – Rhode Island reported 398 properties with foreclosure filings in March, an 11 percent decrease from the previous month, but still a 26 percent increase from March 2007, 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.

 

“Although Rhode Island foreclosures have declined in March, the numbers are still up from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s unemployment rate has risen more than one percent over the past year and has remained well above the national average for some time. This is very likely contributing to the overall rise.”

 

Rhode Island ranked 37th in the country in total foreclosure filings reported in March. With one in every 1,130 households receiving a foreclosure filing, Rhode Island’s foreclosure rate ranked 25th among the 50 states.

 

Top four counties responsible for entire bulk of state’s foreclosure activity

Five Rhode Island counties accounted for 99 percent of all foreclosure activity in the state for March. Providence County reported the highest total, reporting 359 properties with foreclosure filings. Kent County came in second, documenting 20 properties with foreclosure filings. Bristol County and Washington County reported the third highest totals — each with nine properties with foreclosure filings.

 

Providence County posts top foreclosure rate for March

Providence County tallied the highest county foreclosure rate in the state in March, with one in every 713 households receiving a foreclosure filing for the month — 1.6 times the state average. Bristol County posted the state’s second highest rate, with one in every 2,247 households receiving a foreclosure filing during the month. The third highest rate in the state was reported in Kent County, where one in every 3,609 households received a foreclosure filing in March.

 

State accounts for less than 1 percent of nation’s total in March

Total foreclosure filings in Rhode Island accounted for less than 1 percent of the 234,685 properties with foreclosure filings reported nationwide in March. The national total represents a 5 percent increase from the previous month and is 57 percent ahead of the total reported for March 2007. One in every 538 U.S. households received a foreclosure filing during the month.

 

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 month — 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 month — which is extremely rare — 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 Foreclosure Market by County – March 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

56,493

47,677

55,398

23,724

51,393

234,685

538

n/a

n/a

Rhode Island

0

0

369

0

29

398

1,130

0.48

n/a

 

 

 

 

 

 

 

 

 

 

Bristol

0

0

9

0

0

9

2,247

0.24

0.50

Kent

0

0

14

0

6

20

3,609

0.15

0.31

Newport

0

0

0

0

1

1

40,761

0.01

0.03

Providence

0

0

337

0

22

359

713

0.75

1.58

Washington

0

0

9

0

0

9

6,715

0.08

0.17

           

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).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved