Rhode Island Foreclosure Activity Falls in First Quarter

Statewide foreclosure filings up from last year

March numbers up from a month earlier; up from a year ago

 

Foreclosure activity in Rhode Island fell 6 percent during the first quarter of 2010, but was still up 9 percent from the same period last year. In all, the state reported 1,869 properties with foreclosure filings during the quarter.

 

In March the state reported 724 properties with foreclosure filings, a 17 percent increase from the previous month and 14 percent above the level reported in March 2009. One in every 624 Rhode Island housing units received a foreclosure filing during the month, the 27th highest state foreclosure rate.

 

“Rhode Island foreclosure activity declined between the fourth quarter of 2009 and the first quarter of 2010, though it rose between February and March and remained well above what was reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state remains a problem at 12.6 percent — one of the highest rates in the country and a valid concern among residents.”

 

One in every 242 Rhode Island housing units received a foreclosure filing during the quarter — the 25th highest state foreclosure rate in the nation.

 

Kent County tops state in foreclosure rate for the first quarter

Kent County had the highest county foreclosure rate in Rhode Island during the first quarter, with one in every 186 housing units receiving a foreclosure filing. Providence County had the second highest foreclosure rate, with one in every 200 housing units receiving a foreclosure filing. Bristol County came in third, with one in every 483 housing units receiving a foreclosure filing.

 

Providence County led the state in total foreclosures for the first quarter

Providence County led Rhode Island in total foreclosures, reporting 1,281 properties with foreclosure filings for the quarter. Kent County had the second highest total, reporting 391 properties with foreclosure filings. Reporting 82 properties with foreclosure filings for the quarter, Newport County came in third. Washington County was fourth, reporting 73 properties with foreclosure filings. Bristol County rounded out the top five in fifth, reporting 42 properties with foreclosure filings.

 

State a minor contributor to quarterly foreclosure total

Rhode Island represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 Top Foreclosure Rates By County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Rhode Island

0

0

1,314

0

555

1,869

242

0.57

n/a

 

 

 

 

 

 

 

 

 

 

Kent

0

0

258

0

133

391

186

0.75

1.30

Providence

0

0

947

0

334

1,281

200

0.69

1.21

Bristol

0

0

25

0

17

42

483

0.29

0.50

Newport

0

0

57

0

25

82

500

0.28

0.48

Washington

0

0

27

0

46

73

841

0.16

0.29

 

 

Rhode Island Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Rhode Island

0

0

1,314

0

555

1,869

242

-6.36

9.23

 

 

 

 

 

 

 

 

 

 

Providence

0

0

947

0

334

1,281

200

-3.32

-2.73

Kent

0

0

258

0

133

391

186

-10.32

73.78

Newport

0

0

57

0

25

82

500

-34.92

67.35

Washington

0

0

27

0

46

73

841

10.61

-15.12

Bristol

0

0

25

0

17

42

483

-2.33

23.53

 

 

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