Rhode Island Foreclosure Activity Increases in August

Filings increase 7 percent from July

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 404 Rhode Island properties in August, a 7 percent increase from the previous month but a 55 percent decrease from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

Rhode Island foreclosures were up in August,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which climbed 8 percent for the month. The state continues to hold one of the top 10 unemployment rates in the country. This needs to turn around before we see foreclosures really start to come down here.”

 

Rhode Island ranked 42nd in the nation in total foreclosures for the month. Its foreclosure rate of one in every 1,118 housing units receiving a foreclosure filing during the month, ranked it 37th among the 50 states.

 

Providence County dominates the state in foreclosure rate for August

Foreclosure rates for August were led by Providence County, where one in every 847 housing units received a foreclosure filing during the month. One in every 1,170 housing units received a foreclosure filing in Kent County, for the second highest rate in the state. Coming in third was Bristol County, where one in every 1,689 housing units received a foreclosure filing in August. Fourth highest was Newport County, where one in every 1,862 housing units received a foreclosure filing. Washington County came in fifth, with one in every 12,282 housing units receiving a foreclosure filing during the month.

 

Providence County also posts top foreclosure total for August

Providence County also led Rhode Island in total foreclosure activity for August, reporting 303 properties with foreclosure filings. Kent County documented the second highest foreclosure activity, where 62 properties with foreclosure filings were reported. Newport County came in third, tallying 22 properties with foreclosure filings. Fourth highest was Bristol County, where 12 properties with foreclosure filings were reported. Washington County came in fifth, reporting five properties with foreclosure filings for the month.

 

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

Rhode Island accounted for less than 1 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 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 – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

Rhode Island

0

0

296

0

108

404

1,118

0.34

n/a

 

 

 

 

 

 

 

 

 

 

Providence

0

0

223

0

80

303

847

0.45

1.32

Kent

0

0

44

0

18

62

1,170

0.33

0.96

Bristol

0

0

9

0

3

12

1,689

0.23

0.66

Newport

0

0

19

0

3

22

1,862

0.20

0.60

Washington

0

0

1

0

4

5

12,282

0.03

0.09

 

 

Rhode Island Top Foreclosure Totals by County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

Rhode Island

0

0

296

0

108

404

1,118

6.88

-54.56

 

 

 

 

 

 

 

 

 

 

Providence

0

0

223

0

80

303

847

11.40

-47.30

Kent

0

0

44

0

18

62

1,170

-8.82

-65.93

Newport

0

0

19

0

3

22

1,862

10.00

-65.08

Bristol

0

0

9

0

3

12

1,689

71.43

-7.69

Washington

0

0

1

0

4

5

12,282

-54.55

-91.07

 

 

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