RHODE ISLAND FORECLOSURE ACTIVITY UP 11 PERCENT IN AUGUST

Statewide Foreclosure Activity Up 48 Percent From a Year Ago

 

IRVINE, Calif. – Sept. 26, 2008 – Foreclosure filings were reported on 550 Rhode Island properties in August, an increase of 11 percent from the previous month, and 48 percent above the level reported for August 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

Rhode Island foreclosures are up both in August and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Recent statistics show that the state’s unemployment rate is two percent above the national average and that it had the fifth highest home price decline during the past year. These factors are undoubtedly contributing to the overall rise.”

 

Rhode Island ranked 37th in the country in total foreclosures for the month. With one in every 494 households receiving a foreclosure filing, its foreclosure rate ranked 19th among the 50 states.

 

Top five counties responsible for entire bulk of state’s foreclosure activity

Five Rhode Island counties accounted for 100 percent of all foreclosure activity in the state for August. Providence County led the way, reporting 444 properties with foreclosure filings. Kent County came in second, reporting 66 properties with foreclosure filings. Newport County came in third place, reporting 18 properties with foreclosure filings. Washington County came in fourth place, documenting 13 properties with foreclosure filings. Bristol County came in fifth with nine properties with foreclosure filings.

 

Providence County posts top foreclosure rate for August

Providence County tallied the highest county foreclosure rate in the state in August, with one in every 577 households receiving a foreclosure filing for the month. Kent County posted the state’s second highest foreclosure rate, with one in every 1,094 households receiving a foreclosure filing during the month. Bristol County posted the third highest foreclosure rate in the state, where one in every 2,247 households received a foreclosure filing in August.

 

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

Rhode Island accounted for less than 1 percent of the 303,879 properties with foreclosure filings reported nationwide in August. The national total represents more than a 12 percent increase from the previous month and is 27 percent ahead of the total reported for August 2007. The nation’s foreclosure rate increased to one in every 416 U.S. households receiving 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 – August 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

61,903

57,156

69,693

24,234

90,893

303,879

416

n/a

n/a

Rhode Island

2

0

375

0

173

550

817

0.51

n/a

 

 

 

 

 

 

 

 

 

 

Bristol

0

0

7

0

2

9

2,247

0.18

0.36

Kent

0

0

48

0

18

66

1,094

0.38

0.75

Newport

1

0

15

0

2

18

2,265

0.18

0.36

Providence

0

0

300

0

144

444

577

0.72

1.42

Washington

1

0

5

0

7

13

4,649

0.09

0.18

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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