RHODE ISLAND FORECLOSURE ACTIVITY DOWN 43 PERCENT IN FEBRUARY

Yearly Foreclosure Activity Up 223 Percent From February 2007

 

IRVINE, Calif. – March 26, 2008 – Rhode Island reported 446 properties with foreclosure filings for February 2008, a 43 percent decrease in activity from the previous month, but is still 223 percent above the level reported for February 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.

 

“Though Rhode Island is seeing a decrease in foreclosure activity compared to one month earlier, unemployment within the state is now at its highest in more than a decade,” said James J. Saccacio, chief executive officer of RealtyTrac. “Foreclosures remain grossly elevated compared to the same time last year.”

 

Rhode Island ranked 38th in the country in total properties with foreclosure filings for February. One in every 1,004 Rhode Island households received a foreclosure filing during the month, ranking the state 26th among the 50 states.

 

Providence County accounts for most of state’s foreclosure activity

Providence County led the state in foreclosure activity in February, reporting 416 properties with foreclosure filings. Bristol County documented the second highest foreclosure total, reporting 13 properties with foreclosure filings. Kent County posted the third highest foreclosure total for the month, reporting 10 properties with foreclosure filings.

 

Providence County posts highest foreclosure rate

Providence County led the way with a rate of one in every 614 households receiving a foreclosure filing for the month — 1.6 times the state average. Bristol County posted the state’s second highest foreclosure rate, one in every 1,551 households receiving a foreclosure filing. Kent County posted the state’s third highest foreclosure rate, one in every 7,173 households receiving a foreclosure filing.

 

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

Total foreclosure filings in Rhode Island accounted for less than 1 percent of the 223,651 properties with foreclosure filings reported nationwide in February. The national total represents a 4 percent decrease from the previous month, but is still 60 percent ahead of the total reported for February 2007. One in every 557 U.S. households received a foreclosure filing during 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 – February 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

50,813

53,319

20,132

52,879

46,508

223,651

557

n/a

n/a

Rhode Island

1

425

0

0

20

446

1,004

0.55

n/a

 

 

 

 

 

 

 

 

 

 

Bristol

0

13

0

0

0

13

1,551

0.36

0.65

Kent

0

8

0

0

2

10

7,173

0.08

0.14

Newport

0

0

0

0

0

0

n/a

0.00

0.00

Providence

1

399

0

0

16

416

614

0.91

1.64

Washington

0

5

0

0

2

7

8,558

0.07

0.12

 

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