Rhode Island Foreclosures Head Back Up in August

Rhode Island foreclosure activity rose in August, up to 889 properties with foreclosure filings for the month, a 76 percent increase from the previous month and 62 percent above the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Rhode Island foreclosures are up both in August and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “This is not surprising as the state currently holds the third highest unemployment rate in the nation. Home prices also fell further than most states during the past year, giving distressed homeowners fewer options.”

 

Rhode Island ranked 36th in the country in total foreclosures for the month. With one in every 507 housing units receiving a foreclosure filing, its foreclosure rate ranked 17th among the 50 states.

 

Kent County posts state’s top foreclosure rate in August

Kent County posted the highest county foreclosure rate in Rhode Island for August, with one in every 397 housing units receiving a foreclosure filing. Providence County had the second highest rate, with one in every 446 housing units receiving a foreclosure filing during the month. Newport County posted the third highest foreclosure rate, where one in every 650 housing units received a foreclosure filing.

 

Providence County reports highest foreclosure activity for August

Providence County led the way, tallying 575 properties with foreclosure filings for the month. Kent County reported the second highest foreclosure total, documenting 182 properties with foreclosure filings. Reporting 63 properties with foreclosure filings for the month, Newport County posted the third highest total in the state. Washington County was fourth highest, reporting 56 properties with foreclosure filings, while the fifth highest total was in Bristol County, where 13 properties with foreclosure filings were reported for the month.

 

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

Rhode Island accounted for less than one percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 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 – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Rhode Island

12

0

625

0

252

889

507

0.70

n/a

 

 

 

 

 

 

 

 

 

 

Kent

3

0

129

0

50

182

397

0.90

1.28

Providence

5

0

396

0

174

575

446

0.80

1.14

Newport

0

0

51

0

12

63

650

0.55

0.78

Washington

4

0

40

0

12

56

1,088

0.33

0.47

Bristol

0

0

9

0

4

13

1,559

0.23

0.33

 

 

Rhode Island Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Rhode Island

12

0

625

0

252

889

507

76.04

61.64

 

 

 

 

 

 

 

 

 

 

Providence

5

0

396

0

174

575

446

32.49

29.50

Kent

3

0

129

0

50

182

397

506.67

175.76

Newport

0

0

51

0

12

63

650

950.00

250.00

Washington

4

0

40

0

12

56

1,088

229.41

330.77

Bristol

0

0

9

0

4

13

1,559

-27.78

44.44

 

 

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