RHODE ISLAND FORECLOSURE ACTIVITY DOWN 6 PERCENT IN DECEMBER

Yearly Foreclosure Activity Up 445 Percent From December 2006

 

IRVINE, Calif. – Jan. 25, 2008 – Rhode Island reported 278 foreclosure filings in December, a 6 percent decrease from the previous month, but still a 445 percent increase from December 2006, 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.

 

“Employment in Rhode Island remains up, especially within the state’s education and health service industries,” said James J. Saccacio, chief executive officer of RealtyTrac. “Though this growth is a likely contributor to the state’s recent decrease in foreclosure activity, foreclosures remain grossly elevated as compared to the end of last year.”

 

Rhode Island ranked 40th in the country in total foreclosures reported for December. The state’s foreclosure rate of one foreclosure filing for every 1,611 households ranked it 28th among the 50 states.

 

Providence County leads state in foreclosure filings

Providence County led Rhode Island in total foreclosure activity for December, reporting 255 foreclosure filings for the month. Kent County reported the second highest foreclosure total, reporting 13 foreclosure filings. Bristol and Washington counties came in third, with each county reporting 5 foreclosure filings entering some stage of the foreclosure pipeline.

 

Providence County posts highest foreclosure rate for December

Providence County led the state with the highest foreclosure rate for December, one foreclosure filing for every 1,002 households — 1.6 times the state average. Bristol County posted the second highest foreclosure rate, one foreclosure filing for every 4,033 households.

 

State makes minor contribution to nation’s total in December

Total foreclosure filings in Rhode Island accounted for less than 1 percent of the 215,749 foreclosure filings reported nationwide in December. The national total represents a 7 percent increase from the previous month, and is 97 percent above the total reported for December 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 577 U.S. households for 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 – December 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

Households per Filing

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

46,182

54,280

18,488

47,945

48,854

215,749

577

n/a

n/a

Rhode Island

1

256

0

0

21

278

1,611

0.36

n/a

 

 

 

 

 

 

 

 

 

 

Bristol

0

5

0

0

0

5

4,033

0.14

0.40

Kent

0

10

0

0

3

13

5,517

0.10

0.29

Newport

0

0

0

0

0

0

n/a

0.00

0.00

Providence

0

238

0

0

17

255

1,002

0.58

1.61

Washington

1

3

0

0

1

5

11,981

0.05

0.13

 

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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