Rhode Island Foreclosure Activity Falls in Third Quarter

 

Total foreclosure filings down 6 percent from Q2; Down 3 percent from Q3 2008.

 

Rhode Island reported 1,554 properties with foreclosure filings in the third quarter of 2009, a decrease of 6 percent from the previous quarter and 3 percent below the level reported in the third quarter of 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. 

 

Foreclosure activity in Rhode Island was up more than 17 percent in September from the previous month to 13,216 properties with foreclosure filings and up 44 percent from September 2008.

 

“Rhode Island saw a welcome decline in foreclosure activity in the third quarter of 2009 as many other states were hit with a new wave of filings,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state remains a concern, recently hitting 13 percent, which is keeping many residents worried about the possibility of losing their homes.”

 

One in every 290 Rhode Island housing units received a foreclosure filing during the third quarter, ranking 26th among the 50 states.

 

Providence County tops state in foreclosure rate in the third quarter

Providence County posted the highest county foreclosure rate in the state for the third quarter, with one in every 228 housing units receiving a foreclosure filing. Kent County had the second highest foreclosure rate, with one in every 303 housing units receiving a foreclosure filing during the quarter. Newport County posted the third highest foreclosure rate, where one in every 561 housing units received a foreclosure filing.

 

Providence County leads state in foreclosure activity in the third quarter

Providence County also led the state in foreclosure activity, reporting 1,126 properties with foreclosure filings for the quarter. Kent County had the second highest foreclosure total, reporting 239 properties with foreclosure filings. Washington County came in third, tallying 83 properties with foreclosure filings. Newport County posted the fourth highest foreclosure total for the quarter, reporting 73 properties with foreclosure filings. Bristol County documented 33 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

 

State a minor contributor to nation’s foreclosure activity for quarter and month

Rhode Island accounted for less than 1 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and less than 1 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

 

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 Top Foreclosure Rates By County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

n/a

n/a

Rhode Island

1

0

871

0

682

1,554

290

0.47

n/a

 

 

 

 

 

 

 

 

 

 

Providence

1

0

628

0

497

1,126

228

0.60

1.27

Kent

0

0

127

0

112

239

303

0.45

0.96

Newport

0

0

47

0

26

73

561

0.24

0.52

Bristol

0

0

17

0

16

33

614

0.22

0.47

Washington

0

0

52

0

31

83

734

0.19

0.40

 

 

Rhode Island Top Foreclosure Totals by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 09

% Chg Q3 08

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

5.40

22.50

Rhode Island

1

0

871

0

682

1,554

290

-6.33

-2.75

 

 

 

 

 

 

 

 

 

 

Providence

1

0

628

0

497

1,126

228

-18.76

-15.91

Kent

0

0

127

0

112

239

303

56.21

74.45

Washington

0

0

52

0

31

83

734

72.92

88.64

Newport

0

0

47

0

26

73

561

143.33

73.81

Bristol

0

0

17

0

16

33

614

-21.43

-8.33

 

 

Rhode Island Top Foreclosure Rates By County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

n/a

n/a

Rhode Island

1

0

614

0

366

981

460

0.81

n/a

 

 

 

 

 

 

 

 

 

 

Providence

1

0

450

0

273

724

354

1.05

1.30

Kent

0

0

86

0

49

135

536

0.69

0.86

Bristol

0

0

14

0

11

25

810

0.46

0.57

Newport

0

0

27

0

15

42

974

0.38

0.47

Washington

0

0

37

0

18

55

1,108

0.34

0.41

 

 

Rhode Island Top Foreclosure Totals by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Aug 09

% Chg Sept 08

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

-4.14

29.20

Rhode Island

1

0

614

0

366

981

460

10.35

59.25

 

 

 

 

 

 

 

 

 

 

Providence

1

0

450

0

273

724

354

25.91

42.80

Kent

0

0

86

0

49

135

536

-25.82

117.74

Washington

0

0

37

0

18

55

1,108

-1.79

189.47

Newport

0

0

27

0

15

42

974

-33.33

147.06

Bristol

0

0

14

0

11

25

810

92.31

127.27

 

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