RHODE ISLAND FORECLOSURES DECREASE 37 PERCENT IN FEBRUARY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 3,350 Percent From a Year Ago

 

IRVINE, Calif. – March 26, 2007 – Rhode Island reported 138 foreclosure filings in February, a 37 percent decrease from the previous month, but still a 3,350 percent increase from February 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 850,000 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 decreased in February, they are up almost 35 times what they were a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “Recent statistics show that the state’s home price appreciation rate is well below that of the national average. This, in addition to an elevated unemployment rate, is likely contributing to the overall rise.”

 

Rhode Island ranked 39th in the country in total foreclosures for February. The state’s foreclosure rate of one foreclosure filing for every 3,187 households ranks it 35th among the 50 states.

 

Providence County accounts for majority of state total

Providence County reported the highest county total with 119 foreclosure filings for the month. Kent County came in second, reporting 10 foreclosure filings, followed by Washington County with five foreclosure filings.

 

Providence County also reports highest foreclosure rate in state

Providence County tallied the state’s highest foreclosure rate for February, documenting one foreclosure filing for every 2,128 households — 1.5 times the state average. Kent County reported the second highest rate in the state, with one foreclosure filing for every 7,037 households. Washington County reported the third highest rate, with one foreclosure filing for every 11,363 households.

 

State contributes less than 1 percent to national total

Total foreclosure filings in Rhode Island accounted for less than 1 percent of the 130,786 filings nationwide in February. The national total was down 4 percent from the previous month, but still up 12 percent from February 2006. The nation’s foreclosure rate increased slightly to one foreclosure filing for every 884 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 – February 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

29,662

47,127

9,404

22,479

22,114

130,786

884

n/a

n/a

Rhode Island

0

138

0

0

0

138

3,187

0.28

n/a

 

 

 

 

 

 

 

 

 

 

Bristol

0

1

0

0

0

1

19,881

0.04

0.16

Kent

0

10

0

0

0

10

7,037

0.16

0.45

Newport

0

3

0

0

0

3

13,187

0.06

0.24

Providence

0

119

0

0

0

119

2,128

0.41

1.49

Washington

0

5

0

0

0

5

11,363

0.07

0.28

 

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).

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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