RHODE ISLAND FORECLOSURES INCREASE 8 PERCENT IN JUNE

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 147 Percent From June 2006

 

IRVINE, Calif. – July 31, 2007 – Rhode Island reported 284 foreclosure filings in June, an 8 percent increase from the previous month, and a 147 percent increase from June 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million 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.

 

Rhode Island foreclosures have increased both in June and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s home price appreciation rate for last year was nearly 50 percent below the national average. This, in addition to a slightly elevated unemployment rate, is likely contributing to the overall rise.”

 

Rhode Island ranked 37th in the country in total foreclosures for June. The state’s foreclosure rate of one foreclosure filing for every 1,549 households ranked it 23rd among the 50 states.

 

Top three counties account for largest share of state total

Three counties accounted for 96 percent of all foreclosure filings in Rhode Island for June. Providence County held the highest total for the month with 218 foreclosure filings. Kent County came in second with 45 foreclosure filings, followed by Washington County with 11 foreclosure filings.

 

Providence County posts highest foreclosure rate

Providence County posted the highest foreclosure rate in Rhode Island for June, reporting one foreclosure filing for every 1,162 households — 1.3 times the state average. Kent County reported the second highest rate with one foreclosure filing for every 1,564 households, followed by Bristol County with one filing for every 1,988 households.

 

State contributes less than 1 percent to national total

Total foreclosure filings in Rhode Island accounted for less than 1 percent of the 164,644 foreclosure filings nationwide in June. The national total was down 7 percent from the previous month but still up 87 percent from June 2006. The nation’s foreclosure rate decreased to one foreclosure filing for every 704 U.S. households for 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 – June 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

36,048

51,492

12,488

38,247

26,369

164,644

704

n/a

n/a

Rhode Island

65

200

0

0

19

284

1,549

0.45

n/a

 

 

 

 

 

 

 

 

 

 

Bristol

2

7

0

0

1

10

1,988

0.35

0.78

Kent

4

39

0

0

2

45

1,564

0.45

0.99

Newport

0

0

0

0

0

0

n/a

0.00

0.00

Providence

57

146

0

0

15

218

1,162

0.61

1.33

Washington

2

8

0

0

1

11

5,165

0.14

0.30

 

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).

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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