RHODE ISLAND FORECLOSURES DROP 32 PERCENT IN AUGUST

State’s Activity Skyrockets 13,900 Percent From Than a Year Ago

 

IRVINE, Calif. – August 31, 2006 – Rhode Island reported 140 properties entering some stage of the foreclosure process in August, a 32 percent drop in activity from the 207 properties reported in July, but skyrocketing 13,900 percent from the one property reported for the same month last year, according to the RealtyTrac™ August 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and Knight Ridder Online.

 

“Though it has seen a recent drop in activity, the rate of foreclosures in Rhode Island is up dramatically compared to last year as housing appreciation has slowed in the state,” said James J. Saccacio, chief executive officer of RealtyTrac. “Job losses seen in the manufacturing, trade, transportation and utilities sectors may also account for this high rate of foreclosure activity.”

 

Rhode Island ranked 38th in the country in total foreclosures reported for August. The state’s foreclosure rate of one new foreclosure filing for every 3,142 households — 32 percent of the national average — ranks it 30th among the 50 states.

 

One county accounts for largest share of state total

Providence County accounted for 76 percent of all foreclosures in the state for August, reporting 107 properties entering some stage of the foreclosure process. Kent County had the second highest total, reporting 16 properties entering some stage of the foreclosure process.

 

Highest foreclosure rate reported in Providence County

The highest foreclosure rate in the state for August was reported in Providence County with one new foreclosure filing for every 2,366 households — 1.3 times the state average and 42 percent of the national average.  Reporting one new foreclosure filing for every 4,058 households — 77 percent of the state average and 25 percent of the national average — Washington County had the second highest foreclosure rate in the state.

 

State has minimal impact on national total

Rhode Island‘s foreclosure activity accounted for less than 1 percent of the 115,292 properties entering some stage of the foreclosure process nationwide in August. The national total represents a 24 percent increase from the 92,845 foreclosures reported in July. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,003 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).

 

 

 

                         Rhode Island Foreclosure Market by County – August 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

20,611

45,704

7,328

21,533

20,116

115,292

1,003

Rhode Island

1

137

0

0

2

140

3,142

0.32

 

 

 

 

 

 

 

 

 

 

Bristol

0

2

0

0

0

2

9,941

0.10

0.32

Kent

0

16

0

0

0

16

4,398

0.23

0.71

Newport

0

1

0

0

0

1

39,561

0.03

0.08

Providence

1

104

0

0

2

107

2,366

0.42

1.33

Washington

0

14

0

0

0

14

4,058

0.25

0.77

 

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 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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