Rhode Island Foreclosure Activity Trends Downward in May

Total foreclosure filings statewide down 28 percent from April

 

Rhode Island foreclosure activity fell in May to 399 properties with foreclosure filings, a 28 percent decrease from the previous month and 27 percent below the level reported in May 2008, according to RealtyTrac’s latest U.S. Foreclosure Market Report.

 

“Foreclosure activity declined in Rhode Island in May even as the state’s unemployment rate jumped above 12 percent,” said James J. Saccacio, chief executive officer of RealtyTrac. “Should unemployment continue to mount within the state, more foreclosures could be eminent.”

 

Rhode Island ranked 40th in the country in total properties with foreclosure filings for May. One in every 1,130 Rhode Island housing units received a foreclosure filing during the month, ranking 31st among the 50 states.

 

Providence County tops in foreclosure activity for May

Providence County led the state reporting 308 properties with foreclosure filings for the month. Kent County posted the second highest total, where 54 properties with foreclosure filings were reported. Newport County had the third highest total, reporting 16 properties with foreclosure filings, followed by Washington County, where 12 properties with foreclosure filings were tallied.

 

Providence County posts state’s highest foreclosure rate for May

Providence County posted the highest county foreclosure rate in the state, with one in every 833 housing units receiving a foreclosure filing during the month. Kent County had the second highest rate, with one in every 1,339 housing units receiving a foreclosure filing. Bristol County posted the third highest rate, where one in every 2,251 housing units received a foreclosure filing during the month.

 

State a minor contributor to nation’s foreclosure activity for May

Foreclosure activity in Rhode Island represented less than 1 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month but was still nearly 18 percent ahead of May 2008. One in every 398 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 Foreclosure Market Data by County – May 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 09

% Chg May 08

 

 

 

 

 

 

 

 

 

 

United States

55,442

67,687

100,578

32,756

65,017

321,480

398

– 6.01

17.76

Rhode Island

0

0

230

0

169

399

1,130

-28.24

-26.65

 

 

 

 

 

 

 

 

 

 

Bristol

0

0

7

0

2

9

2,251

-43.75

-47.06

Kent

0

0

16

0

38

54

1,339

-27.03

260.00

Newport

0

0

8

0

8

16

2,558

45.45

1,500.00

Providence

0

0

194

0

114

308

833

-29.68

-37.14

Washington

0

0

5

0

7

12

5,079

-29.41

-42.86

 

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