Rhode Island Foreclosure Activity Lower in Second Quarter

Activity level drops 26 percent from Q1

Foreclosure filings decrease 6 percent mid-year; up 14 percent in June

 

Rhode Island reported 1,375 properties with foreclosure filings for the second quarter of 2010, the 40th highest activity level in the nation. This latest total represents a 26 percent decrease from the first quarter of the year and is nearly 17 percent below the level reported for the second quarter of 2009.

 

Activity level in the Ocean State dropped during the first half of 2010, but rose in June. For the first six months of the year, Rhode Island reported 2,979 properties with foreclosure filings, a 16 percent drop in activity from the second half of 2009, and 6 percent below the level reported mid-year 2009. In June the state tallied 327 properties with foreclosure filings, an increase of 14 percent from the previous month but down 64 percent from June 2009.

 

Rhode Island foreclosures rose during the second quarter and during the first half of 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state continues to hold one of the top unemployment rates in the nation and its home values declined more than twice the national average. These factors are definitely contributing to the recent rise.”

 

One in every 329 Rhode Island housing units received a foreclosure filing during the quarter, giving the state the 32nd highest foreclosure rate in the nation.

 

Providence County posts state’s top foreclosure rate for the quarter

Providence County posted the highest county foreclosure rate in Rhode Island during the second quarter, with one in every 266 housing units receiving a foreclosure filing in the county. Kent County came in second highest foreclosure rate, with one in every 269 housing units receiving a foreclosure filing. Bristol County reported the third highest foreclosure rate, with one in every 563 housing units receiving a foreclosure filing during the second quarter.

 

Providence County leads state in total foreclosures for the second quarter

Providence County led Rhode Island in total foreclosures, reporting 965 properties with foreclosure filings for the quarter, while Kent County documented the second highest foreclosure total, with 270 properties with foreclosure filings. Reporting 64 properties with foreclosure filings for the quarter, Washington County came in third. Newport County was fourth, reporting 40 properties with foreclosure filings. Fifth highest total was Bristol County, where 36 properties with foreclosure filings were reported for the quarter.

 

State contributes less than 1 percent to nation’s quarterly total

Foreclosure activity in Rhode Island represented less than 1 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Rhode Island

0

0

755

0

620

1,375

329

0.44

n/a

 

 

 

 

 

 

 

 

 

 

Providence

0

0

548

0

417

965

266

0.54

1.24

Kent

0

0

155

0

115

270

269

0.54

1.22

Bristol

0

0

19

0

17

36

563

0.26

0.58

Washington

0

0

13

0

51

64

960

0.15

0.34

Newport

0

0

20

0

20

40

1,024

0.14

0.32

 

 

Rhode Island Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Rhode Island

0

0

755

0

620

1,375

329

-26.43

-17.12

 

 

 

 

 

 

 

 

 

 

Providence

0

0

548

0

417

965

266

-24.67

-30.38

Kent

0

0

155

0

115

270

269

-30.95

76.47

Washington

0

0

13

0

51

64

960

-12.33

33.33

Newport

0

0

20

0

20

40

1,024

-51.22

33.33

Bristol

0

0

19

0

17

36

563

-14.29

-14.29

 

 

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