Rhode Island Foreclosure Activity Rises in July

Statewide foreclosure filings up 16 percent from June

 

Foreclosure activity in Rhode Island increased 16 percent in July to 378 properties with foreclosure filings, but still 25 percent below the level reported in July 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Rhode Island reported an uptick in foreclosure activity in July, though there were substantially fewer filings within the state this month than were reported for July 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s high level of unemployment — currently a staggering 11.9 percent — remains much worse than the national average of 9.5 percent, and a very real concern among residents worried about keeping their homes in these challenging times.”

 

The state reported the 36th highest state foreclosure rate, as one in every 1,195 Rhode Island housing units received a foreclosure filing during the month.

 

Providence County posts top county foreclosure rate in July

Providence County posted the highest foreclosure rate in July, with one in every 943 housing units receiving a foreclosure filing in July. Kent County posted the second highest foreclosure rate, with one in every 1,067 housing units receiving a foreclosure filing during the month. Coming in third was Newport County, where one in every 2,048 housing units received a foreclosure filing in July.

 

Providence County also had top foreclosure total for July

Providence County also led the state in total foreclosure activity in July, reporting 272 properties with foreclosure filings. Kent County documented the second highest foreclosure total, reporting 68 properties with foreclosure filings. Newport County came in third highest, tallying 20 properties with foreclosure filings. Fourth highest was Washington County, where 11 properties with foreclosure filings were reported. Bristol County was fifth, reporting seven properties with foreclosure filings for the month.

 

State a minor contributor to nation’s monthly foreclosure total

Rhode Island accounted for less than 1 percent of the 325,229 properties with foreclosure filings reported nationwide in July. Total U.S. activity increased by more than 3 percent from the previous month but was down almost 10 percent from the level reported in July 2009. One in every 397 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 – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

n/a

n/a

Rhode Island

0

0

274

0

104

378

1,195

0.33

n/a

 

 

 

 

 

 

 

 

 

 

Providence

0

0

198

0

74

272

943

0.42

1.27

Kent

0

0

52

0

16

68

1,067

0.37

1.12

Newport

0

0

16

0

4

20

2,048

0.19

0.58

Bristol

0

0

6

0

1

7

2,895

0.14

0.41

Washington

0

0

2

0

9

11

5,583

0.07

0.21

 

 

Rhode Island Top Foreclosure Totals by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

3.63

-9.70

Rhode Island

0

0

274

0

104

378

1,195

15.60

-25.15

 

 

 

 

 

 

 

 

 

 

Providence

0

0

198

0

74

272

943

17.75

-37.33

Kent

0

0

52

0

16

68

1,067

9.68

126.67

Newport

0

0

16

0

4

20

2,048

185.71

233.33

Washington

0

0

2

0

9

11

5,583

-35.29

-35.29

Bristol

0

0

6

0

1

7

2,895

-30.00

-61.11

 

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved