Rhode Island Foreclosure Activity Increases in October

Foreclosure filings up 31 percent from September

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 676 Rhode Island properties during October, a 31 percent increase from the previous month but down 25 percent from October of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Rhode Island foreclosures were up in October,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which climbed 53 percent for the month. The state’s unemployment rate is still nearly 2 percent above the national average, and its home values declined nearly twice that of most states earlier this year. These factors are likely contributing to the recent decline.”

Rhode Island ranked 39th in the nation in total foreclosures in October. Its foreclosure rate of one in every 668 housing units receiving a foreclosure filing during the month ranked it 22nd among the 50 states.

Providence County posts state’s top foreclosure rate for October

Providence County posted the highest county foreclosure rate in Rhode Island for the month, with one in every 539 housing units receiving a foreclosure filing during October. Kent County registered the second highest foreclosure rate, with one in every 546 housing units receiving a foreclosure filing during the month. Newport County was third highest, with one in every 1,413 housing units receiving a foreclosure filing.

 

Providence County dominates state foreclosure activity in October

Providence County also registered the most foreclosure activity, reporting 476 properties with foreclosure filings for the month. Kent County tallied the second highest foreclosure level, reporting 133 properties with foreclosure filings. Third highest total was in Newport County, where 29 properties with foreclosure filings were reported. Fourth highest was Washington County, where 26 properties with foreclosure filings were reported. Bristol County filled out the top five for the month, reporting 12 properties with foreclosure filings.

 

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

Rhode Island accounted for less than 1 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 U.S. housing units received a foreclosure filing during the month.

 

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 – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

Rhode Island

0

0

471

0

205

676

668

0.58

n/a

 

 

 

 

 

 

 

 

 

 

Providence

0

0

339

0

137

476

539

0.72

1.24

Kent

0

0

88

0

45

133

546

0.71

1.22

Newport

0

0

24

0

5

29

1,413

0.28

0.47

Bristol

0

0

8

0

4

12

1,689

0.23

0.40

Washington

0

0

12

0

14

26

2,362

0.16

0.28

 

 

Rhode Island Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

Rhode Island

0

0

471

0

205

676

668

30.75

-25.14

 

 

 

 

 

 

 

 

 

 

Providence

0

0

339

0

137

476

539

20.20

-19.46

Kent

0

0

88

0

45

133

546

68.35

-33.17

Newport

0

0

24

0

5

29

1,413

38.10

-54.64

Washington

0

0

12

0

14

26

2,362

136.36

-21.21

Bristol

0

0

8

0

4

12

1,689

20.00

-25.00

 

           

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