Rhode Island Foreclosure Falls in January

State foreclosure total down 27 percent

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 379 Rhode Island properties in January, a 27 percent decrease from December even as the state posted one of the highest unemployment rates in the nation. On a year-over-year basis the state’s foreclosure total is 42 percent below the level reported for January 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report. Unemployment is currently 11.5 percent.

 

One in every 1,193 Rhode Island housing units received a foreclosure filing in January, the 33rd highest state foreclosure rate in the nation.

 

Providence County posts state’s top foreclosure rate in January

Providence County posted the highest foreclosure rate of all Rhode Island counties in January, with one in every 833 housing units receiving a foreclosure filing. Newport County had the second highest foreclosure rate, with one in every 2,056 housing units receiving a foreclosure filing during the month. One in every 2,269 housing units in Kent County received a foreclosure filing during the month, the third highest foreclosure rate in the state.

 

Providence County also dominates state foreclosure activity in January

Providence County also led the state in foreclosure activity, reporting 308 properties with a foreclosure filing. Kent County tallied the second highest foreclosure total in Rhode Island, reporting 32 properties with foreclosure filings. Third highest was Newport County, where 20 properties with foreclosure filings were reported. Washington came in fourth, reporting 13 properties with foreclosure filings, followed by Bristol County, where six properties with foreclosure filings were reported for the month.

 

State a minor contributor to the nation’s foreclosure total in January

Rhode Island accounted for less than 1 percent of the 261,333 properties with foreclosure filings reported nationwide in January. Total U.S. activity increased by more than 1 percent from December, but was down more than 17 percent from the level reported in January 2010. One in every 497 U.S. housing units received a foreclosure filing during the month.

 

“We’ve now seen three straight months with fewer than 300,000 properties receiving foreclosure filings, following 20 straight months where the total exceeded 300,000,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unfortunately this is less a sign of a robust housing recovery and more a sign that lenders have become bogged down in reviewing procedures, resubmitting paperwork and formulating legal arguments related to accusations of improper foreclosure processing.”

 

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 – January 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,964

38,234

88,050

19,952

78,133

261,333

497

n/a

n/a

Rhode Island

0

0

248

0

131

379

1,193

0.42

n/a

 

 

 

 

 

 

 

 

 

 

Providence

0

0

217

0

91

308

833

0.60

1.43

Newport

0

0

11

0

9

20

2,056

0.24

0.58

Kent

0

0

9

0

23

32

2,269

0.22

0.53

Bristol

0

0

5

0

1

6

3,392

0.15

0.35

Washington

0

0

6

0

7

13

4,736

0.11

0.25

 

 

Rhode Island Top Foreclosure Totals by County – January 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 10

% Chg Jan 10

 

 

 

 

 

 

 

 

 

 

United States

36,964

38,234

88,050

19,952

78,133

261,333

497

1.39

-17.23

Rhode Island

0

0

248

0

131

379

1,193

-26.97

-41.60

 

 

 

 

 

 

 

 

 

 

Providence

0

0

217

0

91

308

833

-27.53

-30.00

Kent

0

0

9

0

23

32

2,269

-17.95

-77.62

Newport

0

0

11

0

9

20

2,056

-31.03

-28.57

Washington

0

0

6

0

7

13

4,736

18.18

-43.48

Bristol

0

0

5

0

1

6

3,392

-60.00

-60.00

 

 

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