RHODE ISLAND FORECLOSURES DECREASE 3 PERCENT IN MAY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 160 Percent From a Year Earlier

 

IRVINE, Calif. – June 15, 2007 – Rhode Island reported 263 foreclosure filings in May, a 3 percent decrease in activity from the previous month, but still a 160 percent increase from May 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.

 

“Even with a slight decrease seen in May, Rhode Island’s foreclosure activity remains remarkably high compared to this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac.

 

Rhode Island ranked 39th in the country in total foreclosures reported for May. The state posted the 27th highest foreclosure rate in the country for the month — one foreclosure filing for every 1,672 households.

 

Providence County leads state in activity

Providence County posted the state’s highest foreclosure total in May, reporting 201 foreclosure filings for the month. Kent County posted the second highest foreclosure total, reporting 46 foreclosure filings. Washington County posted the third highest foreclosure total, with seven foreclosure filings.

 

Providence County leads state in foreclosure rate for the month

Providence County documented the highest foreclosure rate in the state for May, with one foreclosure filing for every 1,260 households — 1.3 times the state average. Kent County documented the state’s second foreclosure highest rate, with one foreclosure filing for every 1,530 households — 1.1 times the state average. Bristol County documented the third highest foreclosure rate, with one foreclosure filing for every 3,976 households.

 

State makes small contribution to national total for May

Total foreclosure filings in Rhode Island accounted for less than 1 percent of the 176,137 foreclosure filings nationwide in May. The national total was up 19 percent from the previous month, and up 90 percent from May 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 656 U.S. households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. 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 – May 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

55,615

56,481

9,760

25,733

28,548

176,137

656

n/a

n/a

Rhode Island

0

263

0

0

0

263

1,672

0.39

n/a

 

 

 

 

 

 

 

 

 

 

Bristol

0

5

0

0

0

5

3,976

0.17

0.42

Kent

0

46

0

0

0

46

1,530

0.43

1.09

Newport

0

4

0

0

0

4

9,890

0.07

0.17

Providence

0

201

0

0

0

201

1,260

0.52

1.33

Washington

0

7

0

0

0

7

8,117

0.08

0.21

 

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 construction properties, 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