Rhode Island Foreclosure Activity Down in 2009

Statewide filings down 23 percent from 2008; Up 5 percent from November

 

Rhode Island foreclosures were down in 2009, with 5,065 properties with foreclosure filings, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The yearly total represents a 23 percent decrease from the total reported for 2008, and is 176 percent higher than the level reported for all of 2007.

 

Rhode Island foreclosures declined in 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “While the state’s unemployment rate is still among the nation’s highest, home sales have really begun to pick up. If this trend continues, we may see foreclosures continue to drop in 2010.”

 

Rhode Island ranked 40th in total foreclosures for 2009 when compared to the 50 states. With one in every 89 housing units receiving a foreclosure filing, Rhode Island’s foreclosure rate ranked 27th in the nation for the year.

 

Reporting 686 properties with foreclosure filings for December, Rhode Island had a 5 percent increase from the previous month, but was still 19 percent below December 2008. The state’s foreclosure rate — one in every 657 housing units received a foreclosure filing — ranked 22nd in the nation for the month.

 

Providence County posts state’s highest foreclosure rate for 2009

Providence County posted the highest county foreclosure rate in Rhode Island for the year, with one in every 71 housing units receiving a foreclosure filing in 2009. Kent County had the second highest foreclosure rate, with one in every 84 housing units receiving a foreclosure filing. Newport County came in third highest, with one in every 162 housing units receiving a foreclosure filing. Bristol County was fourth highest with one in every 191 housing units receiving a foreclosure filing, followed by Washington County, with one in every 278 housing units receiving a foreclosure filing.

 

Providence County also led state in foreclosure activity in 2009

Providence County also led the state in total foreclosures in 2009, reporting a total of 3,624 properties with foreclosure filings for the year. Kent County came in second, documenting 863 properties with foreclosure filings. Newport County had the third highest total in the state, reporting 253 properties with foreclosure filings for the year. Washington County was fourth highest, reporting 219 properties with foreclosure filings, followed by Bristol County in fifth place, tallying 106 properties with foreclosure filings for all of 2009.

 

State contributes less than 1 percent to nation’s foreclosure total in 2009

Rhode Island accounted for less than 1 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Rhode Island

5,065

1.12

89

-23.06

175.57

 

 

 

 

 

 

Providence

3,624

1.41

71

-34.98

147.20

Kent

863

1.19

84

69.22

241.11

Newport

253

0.62

162

148.04

1,231.58

Bristol

106

0.52

191

-21.48

194.44

Washington

219

0.36

278

-16.41

242.19

 

 

Rhode Island Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Rhode Island

5,065

1.12

89

-23.06

175.57

 

 

 

 

 

 

Providence

3,624

1.41

71

-34.98

147.20

Kent

863

1.19

84

69.22

241.11

Newport

253

0.62

162

148.04

1,231.58

Washington

219

0.36

278

-16.41

242.19

Bristol

106

0.52

191

-21.48

194.44

 

 

Rhode Island Top Foreclosure Rates by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

Rhode Island

0

0

504

0

182

686

657

0.56

n/a

 

 

 

 

 

 

 

 

 

 

Kent

0

0

116

0

33

149

485

0.75

1.35

Providence

0

0

327

0

122

449

571

0.64

1.15

Bristol

0

0

19

0

5

24

844

0.43

0.78

Newport

0

0

35

0

11

46

890

0.41

0.74

Washington

0

0

7

0

11

18

3386

0.11

0.19

 

 

Rhode Island Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

Rhode Island

0

0

504

0

182

686

657

4.57

-19.39

 

 

 

 

 

 

 

 

 

 

Providence

0

0

327

0

122

449

571

-3.02

-33.48

Kent

0

0

116

0

33

149

485

7.97

49.00

Newport

0

0

35

0

11

46

890

91.67

155.56

Bristol

0

0

19

0

5

24

844

140.00

50.00

Washington

0

0

7

0

11

18

3386

-14.29

-57.14

 

 

 

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