RHODE ISLAND FORECLOSURES DROP 67 PERCENT IN DECEMBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State’s Activity Level Skyrockets 2,450 Percent From a Year Ago

 

IRVINE, Calif. – Jan. 15, 2007 – Rhode Island reported 51 properties entering some stage of the foreclosure process in December, a drop of 67 percent from the 155 properties reported in November, but still skyrocketing 2,450 percent from the two properties reported for the same month last year, according to the RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 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’s foreclosure activity appears to have slowed and the state’s residential real estate loan delinquency remains low,” said James J. Saccacio, chief executive officer of RealtyTrac. “Still, the total number of foreclosures in the state remains very high compared to this time last year.” 

 

Rhode Island ranked 42nd in the country in both total foreclosures reported for December as well as foreclosure rate, reporting one new foreclosure filing for every 8,624 households.

 

Providence County accounts for largest share of state total

Providence County reported the largest share of Rhode Island’s foreclosure activity in December, with 40 properties entering some stage of the foreclosure process during the month. Kent County reported the second highest total, with nine properties in the foreclosure pipeline.

 

State’s top foreclosure rate found in Providence County

Providence County posted the state’s highest foreclosure rate for December, with one new foreclosure filing for every 6,330 households — 1.4 times the state average. Kent County reported the second highest foreclosure rate, with one new foreclosure filing for every 7,818 households — 1.1 times the state average.

 

State makes minor contribution to national total

Rhode Island’s foreclosure activity accounted for less than 1 percent of the 109,652 properties entering some stage of foreclosure nationwide in December. The national total represents a 9 percent decrease from the 120,334 foreclosures reported in November. The nation’s foreclosure rate decreased to one new foreclosure filing for every 1,055 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 – December 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

26,593

41,292

5,472

15,887

20,408

109,652

1,055

n/a

n/a

Rhode Island

0

51

0

0

0

51

8,624

0.12

n/a

 

 

 

 

 

 

 

 

 

 

Bristol

0

0

0

0

0

0

n/a

0.00

0.00

Kent

0

9

0

0

0

9

7,818

0.13

1.10

Newport

0

1

0

0

0

1

39,561

0.03

0.22

Providence

0

40

0

0

0

40

6,330

0.17

1.36

Washington

0

1

0

0

0

1

56,816

0.02

0.15

 

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.

 

###

 

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved