RHODE ISLAND FORECLOSURE ACTIVITY DOWN 17 PERCENT IN JULY

Foreclosure Activity Increases 194 Percent From July 2007

 

IRVINE, Calif. – Aug. 29, 2008 – Rhode Island reported 494 properties with foreclosure filings in July, a 17 percent decrease from the previous month, but still 194 percent ahead of the level reported for July 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 1.5 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.

 

“Rhode Island’s unemployment rate rose in July to 7.7 percent, two percentage points above the national average and marking the state’s highest jobless rate in 15 years,” said James J. Saccacio, chief executive officer of RealtyTrac. “Considering that some 44,000 Rhode Islanders are currently unemployed and looking for work, it is understandable that the state’s level of foreclosure activity is so far above what was reported at this time last year.”

 

Rhode Island ranked 39th in the country in total properties with foreclosure filings for July. One in every 910 Rhode Island households received a foreclosure filing during the month, ranking 23rd among the 50 states.

 

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

Providence County led the state reporting 437 properties with foreclosure filings. Second highest foreclosure total was in Bristol County, reporting 19 properties with foreclosure filings. Washington County registered the third highest foreclosure total, reporting 16 properties with foreclosure filings. Kent County came in fourth, reporting 13 properties with foreclosure filings for the month.

 

Providence County posts state’s highest foreclosure rate in July

Providence County posted the highest county foreclosure rate in Rhode Island for July, with one in every 586 households receiving a foreclosure filing in July — 1.6 times the state average. Second highest foreclosure rate was in Bristol County, where one in every 1,064 households received a foreclosure filing. Washington County had the third highest foreclosure rate, with one in every 3,777 households receiving a foreclosure filing.

 

State a minor contributor to the nation’s foreclosure total in July

Rhode Island accounted for less than 1 percent of the 272,171 properties with foreclosure filings reported nationwide in July. The national total represents an increase of almost 8 percent from the previous month and is 55 percent ahead of the total reported for July 2007. One in every 464 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 Data by County – July 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

55,601

55,042

57,145

27,088

77,295

272,171

464

n/a

n/a

Rhode Island

0

0

371

0

123

494

910

0.51

n/a

 

 

 

 

 

 

 

 

 

Bristol

0

0

14

0

5

19

1,064

0.44

0.86

Kent

0

0

10

0

3

13

5,553

0.08

0.16

Newport

0

0

4

0

5

9

4,529

0.10

0.20

Providence

0

0

335

0

102

437

586

0.79

1.55

Washington

0

0

8

0

8

16

3,777

0.12

0.24

 

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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