Rhode Island Foreclosures Decline in October

Statewide filings down 8 percent from September

 

Rhode Island reported 903 properties with foreclosure filings in October, down 8 percent from the previous month, but still 55 percent above the level reported in October 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Although Rhode Island foreclosures dropped slightly in October, the numbers are still up significantly from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which rose 83 percent for the year. The state currently holds the third highest unemployment rate in the country. This needs to change before we see the foreclosure situation really begin to turn around here.”

 

Rhode Island ranked 37th in the country in total foreclosures for the month. With one in every 499 housing units receiving a foreclosure filing, its foreclosure rate ranked 14th among the 50 states.

 

Kent County posts state’s top foreclosure rate in October

Kent County posted the highest county foreclosure rate in the state for October, with one in every 363 housing units receiving a foreclosure filing — 1.4 times the state average. Providence County ranked second highest, reporting one in every 434 housing units receiving a foreclosure filing. Newport County had the third highest foreclosure rate, with one in every 639 housing units receiving a foreclosure filing. Bristol County posted the fourth highest foreclosure rate, where one in every 1,266 housing units received a foreclosure filing during the month. Washington County posted the fifth highest foreclosure rate, where one in every 1,847 housing units received a foreclosure filing during the month.

 

Five counties dominate state in foreclosure totals during October

Providence County led all counties, totaling 591 properties with foreclosure filings for the month. Kent County was second highest, documenting 199 properties with foreclosure filings. Newport County was third highest total in the state, reporting 64 properties with foreclosure filings for the month. Washington County came in fourth, reporting 33 properties with foreclosure filings, while the fifth highest total was in Bristol County, where 16 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure activity in October

Rhode Island accounted for less than one percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 U.S. housing units received 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 Top Foreclosure Rates by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Rhode Island

0

0

704

0

199

903

499

0.77

n/a

 

 

 

 

 

 

 

 

 

 

Kent

0

0

158

0

41

199

363

1.06

1.37

Providence

0

0

460

0

131

591

434

0.89

1.15

Newport

0

0

59

0

5

64

639

0.60

0.78

Bristol

0

0

11

0

5

16

1,266

0.30

0.39

Washington

0

0

16

0

17

33

1,847

0.21

0.27

 

 

Rhode Island Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Rhode Island

0

0

704

0

199

903

499

-7.95

55.15

 

 

 

 

 

 

 

 

 

 

Providence

0

0

460

0

131

591

434

-18.37

22.61

Kent

0

0

158

0

41

199

363

47.41

226.23

Newport

0

0

59

0

5

64

639

52.38

3,100.00

Washington

0

0

16

0

17

33

1,847

-40.00

13.79

Bristol

0

0

11

0

5

16

1,266

-36.00

100.00

 

 

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