State’s Activity Up 7,167 Percent From a Year Ago
IRVINE, Calif. – Feb. 25, 2007 – Rhode Island documented 218 new foreclosure filings in January, a 328 percent increase from the previous month, and a 7,167 percent increase from January 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.
“Rhode Island foreclosures have skyrocketed both last month and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Some of this increase can certainly be attributed to our added data coverage in Rhode Island over the last few months. But in addition, statistics show that home sales throughout the state declined and that home price appreciation lagged that of the national average last year. In addition, the state’s unemployment rate was above the national rate in December. All of these factors are likely contributing to the dramatic increase.”
Rhode Island ranked 37th in the country in total foreclosures reported for January. The state’s foreclosure rate of one new foreclosure filing for every 2,018 households ranked it 25th among the 50 states.
Providence County accounts for largest share of state total
Providence County led the state in total foreclosures, reporting 171 foreclosure filings. Kent County documented the second highest total, reporting 33 filings for the month. Washington County documented the third highest total, reporting eight filings.
Providence County leads state in foreclosure rate
Providence County tallied the highest foreclosure rate in Rhode Island for January, with one new foreclosure filing for every 1,481 households — 1.4 times the state average but still below the national average. Kent County registered the second highest rate, with one new foreclosure filing for every 2,132 households. Bristol County posted the third highest foreclosure rate, with one new foreclosure filing for every 3,976 households.
State makes minor contribution to national total
Rhode Island accounted for less than 1 percent of the 130,511 foreclosure filings nationwide in January, up 19 percent from the previous month and up 25 percent from January 2006. The nation’s foreclosure rate increased to one new foreclosure filing for every 886 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: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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 – January 2007
1 in every # households
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.
Atomic Public Relations