RHODE ISLAND FORECLOSURE ACTIVITY DOWN 13 PERCENT IN JANUARY

Foreclosure Filings Statewide Decrease 5 Percent From January 2008

 

IRVINE, Calif. – Feb. 27, 2009 – Foreclosure filings were reported on 745 Rhode Island properties in January, down 13 percent from the previous month, and 5 percent below the level reported for January 2008, 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 1.5 million properties from over 2,200 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.

 

“Even with unemployment on the rise, foreclosure activity in Rhode Island appears to be on the decline,” said James J. Saccacio, chief executive officer of RealtyTrac. “This trend could continue with the addition of an estimated 12,000 Rhode Island jobs as part of the new economic stimulus package.”

 

Rhode Island ranked 33rd in the country in total properties with foreclosure filings for January. One in every 605 Rhode Island housing units received a foreclosure filing during the month, ranking 13th among the 50 states.

 

Providence County accounts for most of state’s foreclosure activity for January

Providence County led Rhode Island in foreclosure activity, reporting 606 properties with foreclosure filings for the month. Kent County was second highest reporting 84 properties with foreclosure filings. Washington County ranked third highest reporting 25 properties with foreclosure filings.

 

Providence County posts state’s highest foreclosure rate for January

Providence County reported the highest foreclosure rate in Rhode Island for January, with one in every 423 housing units receiving a foreclosure filing. Kent County posted the state’s second highest foreclosure rate, with one in every 861 housing units received a foreclosure filing. Bristol County documented the third highest foreclosure rate, where one in every 1,559 housing units received a foreclosure filing during the month.

 

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

Rhode Island accounted for less than 1 percent of the 274,399 properties with foreclosure filings reported nationwide in January. The national total represented a decrease of more than 9 percent from the previous month but was still nearly 18 percent ahead of the total reported for January 2008. One in every 466 U.S. housing units 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 Data by County – January 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

46,681

52,435

80,986

27,520

66,777

274,399

466

n/a

n/a

Rhode Island

0

0

386

0

359

745

605

0.77

n/a

 

 

 

 

 

 

 

 

 

 

Bristol

0

0

11

0

2

13

1,559

0.30

0.39

Kent

0

0

20

0

64

84

861

0.54

0.70

Newport

0

0

9

0

8

17

2,407

0.19

0.25

Providence

0

0

331

0

275

606

423

1.10

1.43

Washington

0

0

15

0

10

25

2,438

0.19

0.25

 

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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