Rhode Island Foreclosure Activity Fell in May

Statewide foreclosure filings down 67 percent from April

 

Foreclosure activity in Rhode Island fell 67 percent in May to 287 properties with foreclosure filings. This latest state total represents a 28 percent decrease from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Rhode Island foreclosure activity fell in May to a level well below what was reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state has improved slightly, dropping to 12.3 percent, but remains far worse than much of the nation.”

 

The state’s foreclosure rate ranked 39th in the nation, as one in every 1,574 Rhode Island housing units received a foreclosure filing during the month.

 

Providence County dominates foreclosure rate in May

Providence County posted the highest foreclosure rate in Rhode Island for May, with one in every 1,140 housing units receiving a foreclosure filing. Kent County had the second highest foreclosure rate, with one in every 1,861 housing units receiving a foreclosure filing. Bristol County had the third highest foreclosure rate, with one in every 4,053 housing units receiving a foreclosure filing.

 

County tops in foreclosure total for May

Providence County also led the state in foreclosure activity, reporting 225 properties with foreclosure filings for the month. Kent County had the second highest foreclosure total, documenting 39 properties with foreclosure filings. Reporting 13 properties with foreclosure filings for the month, Washington County had the third highest total. Bristol and Newport Counties were fourth highest, each reporting five properties with foreclosure filings.

 

State a minor contributor to nation’s monthly foreclosure total in May

Rhode Island accounted for less than 1 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 U.S. housing units received a foreclosure filing during the month.

 

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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Rhode Island

0

0

49

0

238

287

1,574

0.25

n/a

 

 

 

 

 

 

 

 

 

 

Providence

0

0

41

0

184

225

1,140

0.35

1.38

Kent

0

0

7

0

32

39

1,861

0.21

0.85

Bristol

0

0

0

0

5

5

4,053

0.10

0.39

Washington

0

0

1

0

12

13

4,724

0.08

0.33

Newport

0

0

0

0

5

5

8,193

0.05

0.19

 

 

Rhode Island Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Rhode Island

0

0

49

0

238

287

1,574

-66.67

-28.07

 

 

 

 

 

 

 

 

 

 

Providence

0

0

41

0

184

225

1,140

-61.01

-26.95

Kent

0

0

7

0

32

39

1,861

-79.79

-27.78

Washington

0

0

1

0

12

13

4,724

-63.89

8.33

Bristol

0

0

0

0

5

5

4,053

-80.77

-44.44

Newport

0

0

0

0

5

5

8,193

-82.76

-68.75

 

 

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