RHODE ISLAND FORECLOSURE ACTIVITY DOWN 45 PERCENT IN FEBRUARY

Foreclosure Activity Decreases 8 Percent From February 2008

 

IRVINE, Calif. – March 27, 2009 – Rhode Island reported 409 properties with foreclosure filings in February, a 45 percent decrease from the previous month and 8 percent below the level reported for February 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.

 

Rhode Island foreclosures headed downward in February,” said James J. Saccacio, chief executive officer of RealtyTrac. “After a huge spike in 2008, it is likely that the region is beginning to stabilize a bit. With the new Mortgage Relief Plan getting underway, we may see the numbers continue to fall in the month ahead.”

 

Rhode Island ranked 38th in the country in total foreclosures reported for the month. With one in every 1,102 housing units receiving a foreclosure filing, its foreclosure rate ranked 30th among the 50 states.

 

Providence County leads state foreclosure activity in February

Providence County tallied the highest foreclosure activity in the state for February, reporting 298 properties with foreclosure filings. Kent County was second highest, reporting 61 properties with foreclosure filings. Third highest was Washington County, reporting 28 properties with foreclosure filings. Bristol County and Newport County both came in fourth place, each documenting 11 properties with foreclosure filings.

 

Providence County posts highest foreclosure rate in February

Providence County reported the highest county foreclosure rate in the state for February, with one in every 861 housing units receiving a foreclosure filing. Kent County came in second, with one in every 1,186 housing units receiving a foreclosure filing — on par with the state average. Bristol County posted the third highest foreclosure rate, where one in every 1,842 housing units received a foreclosure filing during the month.

 

State contributes less than 1 percent to nation’s foreclosure total in February

Rhode Island accounted for less than 1 percent of the 290,631 properties with foreclosure filings reported nationwide in February. The national total represented a 6 percent increase in activity from the previous month and was 30 percent ahead of the total reported for February 2008. One in every 440 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 – February 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

54,064

55,509

78,234

28,729

74,095

290,631

440

n/a

n/a

Rhode Island

0

0

197

0

212

409

1,102

0.40

n/a

 

 

 

 

 

 

 

 

 

 

Bristol

0

0

8

0

3

11

1,842

0.24

0.60

Kent

0

0

16

0

45

61

1,186

0.37

0.93

Newport

0

0

6

0

5

11

3,720

0.12

0.30

Providence

0

0

158

0

140

298

861

0.51

1.28

Washington

0

0

9

0

19

28

2,177

0.20

0.51

               

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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