RHODE ISLAND FORECLOSURE ACTIVITY UP 9 PERCENT IN JUNE

IRVINE, Calif. – July 28, 2008 – Foreclosure filings were reported on 593 Rhode Island properties in June, a 9 percent increase from the previous month, and a 109 percent increase from June 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 foreclosure activity is starting to rise,” said James J. Saccacio, chief executive officer of RealtyTrac. “In June, the state had a 7.5 percent unemployment rate, which is one of the highest in the country. This, in addition to the overall decline in the housing market, is likely to blame for the rise in foreclosure activity.”

 

Rhode Island ranked 34th in the country in total foreclosures for the month. With one in every 758 households receiving a foreclosure filing, its foreclosure rate ranked 15th among the 50 states.

 

Providence County leads state with highest foreclosure activity in June

Providence County reported the bulk of the foreclosure activity in June, reporting 533 properties with foreclosure filings — 90 percent of all foreclosure filings in Rhode Island. Kent County documented the second highest foreclosure total, reporting 25 properties with foreclosure filings. Bristol County reported the third highest foreclosure total, with 17 properties with foreclosure filings. Washington County reported the fourth highest foreclosure total, reporting 14 properties with foreclosure filings. Newport County came in fifth with four properties with foreclosure filings.

 

Providence County posts top foreclosure rate for June

Providence County tallied the highest foreclosure rate in Rhode Island in June, where one in every 480 households received a foreclosure filing. Bristol County posted the second highest foreclosure rate, with one in every 1,190 households receiving a foreclosure filing during the month. Kent County documented the third highest foreclosure rate, with one in every 2,887 households receiving a foreclosure filing in June.

 

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

Rhode Island accounted for less than 1 percent of the 252,363 properties with foreclosure filings reported nationwide in June. The national total represents more than a 3 percent decrease from the previous month and is 53 percent ahead of the total reported for June 2007. The nation’s foreclosure rate decreased to one in every 501 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 – June 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

53,544

48,996

53,904

24,356

71,563

252,363

501

n/a

n/a

Rhode Island

0

0

399

0

194

593

758

0.66

n/a

 

 

 

 

 

 

 

 

 

 

Bristol

0

0

10

0

7

17

1,190

0.42

0.64

Kent

0

0

13

0

12

25

2,887

0.17

0.26

Newport

0

0

0

0

4

4

10,190

0.05

0.07

Providence

0

0

370

0

163

533

480

1.04

1.58

Washington

0

0

6

0

8

14

4,317

0.12

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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