RHODE ISLAND FORECLOSURE ACTIVITY UP 181 PERCENT IN JANUARY

Foreclosure Activity Up 259 Percent From January 2007

 

IRVINE, Calif. – Feb. 26, 2008 – Rhode Island reported 782 foreclosure filings in January, a 181 percent increase from the previous month, and a 259 percent increase from January 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 million properties from nearly 2,500 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.

 

“Employment in Rhode Island remains up within the state’s education and health service industries,” said James J. Saccacio, chief executive officer of RealtyTrac. “However, foreclosure activity remains grossly elevated within the state.”

 

Rhode Island ranked 30th in the country in total foreclosures reported for January. The state’s foreclosure rate of one foreclosure filing for every 573 households ranked it 12th among the 50 states.

 

Providence County reports highest foreclosure total

Providence County led the state in total foreclosure filings for the month, reporting 718 foreclosure filings in January. Kent County posted the second highest foreclosure total, reporting 33 foreclosure filings. Washington County reported the third highest foreclosure total, with 18 foreclosure filings for the month.

 

Providence County posts highest foreclosure rate

Providence County posted the highest foreclosure rate in Rhode Island for January, one foreclosure filing for every 356 households — 1.6 times the state average. Bristol County reported the second highest foreclosure rate, one foreclosure filing for every 2,016 households. Kent County posted the third highest foreclosure rate, one foreclosure filing for every 2,173 households.

 

State a minor contributor to nation’s total in January

Total foreclosure filings in Rhode Island accounted for less than 1 percent of the 223,001 foreclosure filings reported nationwide in January. The national total represents an 8 percent increase from the previous month, and is 57 percent above the total reported for January 2007. The nation’s foreclosure rate increased to one foreclosure filing for every 534 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

            Rhode Island Foreclosure Market by County – January 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

Households per filing

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

52,321

60,101

19,662

55,590

45,327

233,001

534

n/a

n/a

Rhode Island

1

781

0

0

0

782

573

0.93

n/a

 

 

 

 

 

 

 

 

 

 

Bristol

0

10

0

0

0

10

2,016

0.27

0.28

Kent

0

33

0

0

0

33

2,173

0.25

0.26

Newport

1

2

0

0

0

3

13,525

0.04

0.04

Providence

0

718

0

0

0

718

356

1.50

1.61

Washington

0

18

0

0

0

18

3,328

0.16

0.17

 

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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