Rhode Island Foreclosure Activity Rises in April

Statewide foreclosure filings up 19 percent from March

 

Monthly foreclosure activity in Rhode Island rose 19 percent from the previous month to 861 properties with foreclosure filings. This latest state total also represents a 55 percent year-over-year increase in foreclosure filings from April 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Rhode Island foreclosures spiked in April,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which rose 23 percent for the month. The state continues to hold one of the nation’s top unemployment rates, and we really didn’t see much forward movement in home sales during the fourth quarter of last year. These factors have likely contributed to the recent rise.”

 

Rhode Island ranked 38th in the country in total foreclosures for the month. With one in every 525 housing units receiving a foreclosure filing, its foreclosure rate ranked 19th among the 50 states.

 

Kent County posts top foreclosure rate for April

Kent County posted the highest county foreclosure rate in Rhode Island for April, with one in every 376 housing units receiving a foreclosure filing. Providence County came in second, with one in every 445 housing units receiving a foreclosure filing. Bristol County was third, with one in every 779 housing units receiving a foreclosure filing.

 

Providence County led the state in total foreclosures for April

Providence County led the way, reporting 577 properties with foreclosure filings for the month. Kent County came in second highest, documenting 193 properties with foreclosure filings. Reporting 36 properties with foreclosure filings for the month, Washington County ranked third highest. Newport County was fourth, reporting 29 properties with foreclosure filings, while Bristol County came in fifth, reporting 26 properties with foreclosure filings.

 

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

Rhode Island accounted for less than 1 percent of the 333,837 properties with foreclosure filings reported nationwide in April. Total U.S. activity declined more than 9 percent from the previous month and was 2 percent below the level reported in April 2009. One in every 387 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: DefaultNotice 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 – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

n/a

n/a

Rhode Island

0

0

652

0

209

861

525

0.74

n/a

 

 

 

 

 

 

 

 

 

 

Kent

0

0

147

0

46

193

376

1.03

1.40

Providence

0

0

460

0

117

577

445

0.87

1.18

Bristol

0

0

18

0

8

26

779

0.50

0.67

Newport

0

0

16

0

13

29

1,413

0.27

0.37

Washington

0

0

11

0

25

36

1,706

0.23

0.31

 

 

 

Rhode Island Top Foreclosure Totals by County – April 2010

 

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

-9.05

-2.40

Rhode Island

0

0

652

0

209

861

525

18.92

54.86

 

 

 

 

 

 

 

 

 

 

Providence

0

0

460

0

117

577

445

11.39

31.74

Kent

0

0

147

0

46

193

376

35.92

160.81

Washington

0

0

11

0

25

36

1,706

50.00

111.76

Newport

0

0

16

0

13

29

1,413

31.82

163.64

Bristol

0

0

18

0

8

26

779

44.44

62.50

 

 

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