RHODE ISLAND FORECLOSURES DECREASE 15 PERCENT IN APRIL

Activity Up 143 Percent From a Year Ago

 

IRVINE, Calif. – May 18, 2007 – Rhode Island reported 270 foreclosure filings in April, a 15 percent decrease from the previous month, but still a 143 percent increase from April 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 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.

 

“Although Rhode Island foreclosures are down slightly in April, the numbers have more than doubled from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s housing market has taken a hard hit recently. Statistics show that its home sales have declined 62 percent more than the national average and that its home price appreciation rate was 57 percent lower. This is undoubtedly contributing to the overall rise in foreclosures.”

 

Rhode Island ranked 39th in the country in total foreclosures for April. The state’s foreclosure rate of one foreclosure filing for every 1,629 households ranks it the 24th among the 50 states.

 

Top three counties account for largest share of state total

Three counties accounted for 99 percent of all foreclosure filings in Rhode Island for April. Providence County led the state with 221 foreclosure filings for the month. Kent County came in second with 38 foreclosure filings, followed by Washington County with eight filings in the foreclosure pipeline.

 

Providence County posts highest foreclosure rate

Providence County also registered the highest foreclosure rate in Rhode Island for April, reporting one foreclosure filing for every 1,146 households — 1.4 times the state average. Kent County reported the second highest rate in the state with one foreclosure filing for every 1,852 households, followed by Washington County with one filing for every 7,102 households. 

 

State contribution minor to overall national total

Total foreclosure filings in Rhode Island accounted for less than 1 percent of the 147,708 foreclosure filings nationwide in April. The national total was down less than 1 percent from the previous month, but still up 62 percent from April 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 783 U.S. households during 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 – April 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

United States

47,171

49,794

7,388

21,085

22,270

147,708

783

n/a

n/a

Rhode Island

1

269

0

0

0

270

1,629

0.48

n/a

 

 

 

 

 

 

 

 

 

Bristol

0

2

0

0

0

2

9,941

0.08

0.16

Kent

0

38

0

0

0

38

1,852

0.42

0.88

Newport

0

1

0

0

0

1

39,561

0.02

0.04

Providence

1

220

0

0

0

221

1,146

0.68

1.42

Washington

0

8

0

0

0

8

7,102

0.11

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).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved