RHODE ISLAND FORECLOSURE ACTIVITY UP 12 PERCENT IN SEPTEMBER

Filings Statewide Increase 122 Percent From September 2007

 

IRVINE, Calif. – Oct. 27, 2008 – Foreclosure filings were reported on 616 Rhode Island properties in September, an increase of 12 percent from the previous month and 122 percent above the level reported for September 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.

 

“Foreclosure activity in Rhode Island is significantly higher than this time last year, due to a number of factors,” said James J. Saccacio, chief executive officer of RealtyTrac. “Foreclosure activity in Rhode Island is significantly higher than this time last year, due to a number of factors,” said James J. Saccacio, chief executive officer of RealtyTrac. “Key among them is the state’s unemployment rate, which was the worst in the nation in September, as 8.8 percent of the Rhode Island’s workers were jobless. Rhode Island’s economy has lost thousands of jobs in the manufacturing, retail and financial industries. That plus home prices still going negative is leaving many homeowners in distress and on the verge of foreclosure.”

 

Rhode Island ranked 34th in the country in total properties with foreclosure filings for September. One in every 730 Rhode Island households received a foreclosure filing during the month, ranking 18th among the 50 states.

 

Providence County tops in foreclosure activity September

Providence County led Rhode Island in foreclosure activity for September, reporting 507 properties with foreclosure filings for the month. Kent County came in second highest, reporting 62 properties with foreclosure filings. Washington County ranked third highest, reporting 19 properties with foreclosure filings. Newport County documented 17 properties with foreclosure filings for the month, fourth highest total in the state.

 

Providence County posts top foreclosure rate in the state for September

Providence County posted the top foreclosure rate in Rhode Island for the month, with one in every 505 households receiving a foreclosure filing — 1.5 times the state average. Kent County posted second highest foreclosure rate, with one in every 1,164 households receiving a foreclosure filing. Bristol County registered the third highest foreclosure rate in Rhode Island, where one in every 1,838 households received a foreclosure filing during the month.

 

State a minor contributor to nation’s foreclosure total in September

Rhode Island accounted for less than 1 percent of the 265,968 properties with foreclosure filings reported nationwide in September. The national total represents a decrease of more than 12 percent from the previous month but is still 21 percent ahead of the total reported for September 2007. The nation’s foreclosure rate decreased to one in every 475 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 – September 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

39,828

58,606

61,442

24,780

81,312

265,968

475

n/a

n/a

Rhode Island

0

0

425

0

191

616

730

0.65

n/a

 

 

 

 

 

 

 

 

 

 

Bristol

0

0

8

0

3

11

1,838

0.26

0.40

Kent

0

0

33

0

29

62

1,164

0.41

0.63

Newport

0

0

9

0

8

17

2,398

0.20

0.30

Providence

0

0

359

0

148

507

505

0.94

1.45

Washington

0

0

16

0

3

19

3,181

0.15

0.23

 

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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