Rhode Island Foreclosures Falls in November

Foreclosure filings down 41 percent from October

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 396 Rhode Island properties in November, down 41 percent from the previous month and a 40 percent fall from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 1,141 Rhode Island housing units received a foreclosure filing in November, the 35th highest state foreclosure rate in the nation.

 

“Foreclosure activity in Rhode Island dropped substantially in November to well below what was reported for both the previous month and the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state jumped to 11.6 percent in November, though this is of little significance at the moment in terms of Rhode Island’s foreclosure woes. Until the fallout from the nation’s ‘robo-signing’ controversy subsides, many would-be foreclosures will remain on hold regardless of economic fluctuations.”

 

Providence County has top foreclosure rate in November

Providence County posted the top foreclosure rate in Rhode Island for November, with one in every 794 housing units receiving a foreclosure filing. Bristol County had the second highest foreclosure rate, reporting one in every 1,842 housing units receiving a foreclosure filing. Kent County came in third, with one in every 1,910 housing units receiving a foreclosure filing.

 

Providence County also reports highest foreclosure total in November

Providence County also led Rhode Island in foreclosure activity, reporting 323 proprieties with a foreclosure filing. Kent County had the second highest total, reporting 38 properties with foreclosure filings. Newport County was third highest, tallying 13 properties with foreclosure filings. Bristol and Washington counties each reported 11 properties with foreclosure filings for the month, the state’s fourth highest activity level.

 

State a minor contributor to total foreclosure total

Rhode Island accounted for less than 1 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

Rhode Island

0

0

271

0

125

396

1,141

0.43

n/a

 

 

 

 

 

 

 

 

 

 

Providence

0

0

237

0

86

323

794

0.62

1.44

Bristol

0

0

11

0

0

11

1,842

0.27

0.62

Kent

0

0

12

0

26

38

1,910

0.26

0.60

Newport

0

0

8

0

5

13

3,151

0.16

0.36

Washington

0

0

3

0

8

11

5,583

0.09

0.20

 

 

Rhode Island Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

Rhode Island

0

0

271

0

125

396

1,141

-41.42

-39.63

 

 

 

 

 

 

 

 

 

 

Providence

0

0

237

0

86

323

794

-32.14

-30.24

Kent

0

0

12

0

26

38

1,910

-71.43

-72.46

Newport

0

0

8

0

5

13

3,151

-55.17

-45.83

Bristol

0

0

11

0

0

11

1,842

-8.33

10.00

Washington

0

0

3

0

8

11

5,583

-57.69

-47.62

 

 

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