RHODE ISLAND FORECLOSURE ACTIVITY UP 258 PERCENT IN 2008

More than 6,000 Properties Receive Foreclosure Filings in 2008

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 6,583 Rhode Island properties in 2008, an increase of 258 percent from 2007 and an increase of 1,525 percent from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Ocean State reported 851 properties with foreclosure filings in December, a 5 percent decrease from the previous month but a 206 percent increase over December 2007.

 

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 more than tripled in 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “Rhode Island’s unemployment rate reached double digits in December with 10 percent of Ocean State workers unemployed, the worst such rate in nearly three decades and nearly doubling over last year. Only Michigan has a higher unemployment rate at 10.6 percent. This could push many Rhode Island homeowners into foreclosure in the month ahead.”

 

Rhode Island ranked 34th in the country in total foreclosures for the year. With one in every 528 housing units receiving a foreclosure filing, its foreclosure rate ranked 15th among the 50 states.

 

Providence County posts highest foreclosure total

Providence County reported the highest number of foreclosures in Rhode Island, reporting 5,574 properties with foreclosure filings for the year. Newport County came in a close second, reporting 510 properties with foreclosure filings. Washington County registered the third highest total, reporting 262 properties with foreclosure filings. Bristol County documented the fourth highest foreclosure total, reporting 135 properties with foreclosure filings. Newport County came in fifth, documenting 102 properties with foreclosure filings.

 

Providence County also posts top foreclosure rate for 2008

Three Rhode Island counties led the state in foreclosure rate for 2008. Providence County topped the list, with 2.18 percent of its housing units receiving at least one foreclosure filing during the year. Kent County came in second, with 0.71 percent of its housing units receiving at least one foreclosure filing. Bristol County posted the third highest foreclosure rate, where 0.67 percent of the housing stock received at least one foreclosure filing in 2008. Rounding out the state’s five were Washington County (0.43 percent) and Newport County (0.25 percent).

 

State contributes less than 1 percent to nation’s foreclosure total for 2008

Rhode Island accounted for less than 1 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Rhode Island

6,583

1.46

258.16

 

 

 

 

 

3

Bristol

135

0.67

275.00

2

Kent

510

0.71

101.58

5

Newport

102

0.25

436.84

1

Providence

5,574

2.18

280.22

4

Washington

262

0.43

309.38

 

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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