RHODE ISLAND FORECLOSURES INCREASE 46 PERCENT IN SEPTEMBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State’s Activity Up 204 Times From a Year Ago

 

IRVINE, Calif. – October 11, 2006 – Rhode Island reported 204 properties entering some stage of the foreclosure process in September, a 46 percent increase in activity from the 140 properties reported in August, and 204 times the one property reported for the same month last year, according to the RealtyTrac™ September 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.

 

Rhode Island foreclosures have increased every quarter this year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the rate of home price appreciation and employment growth are decelerating throughout the state. This is likely contributing to the recent rise of foreclosures.”

 

Rhode Island ranked 36th in the nation for total foreclosures in September.  The state’s foreclosure rate of one new foreclosure filing for every 2,156 households — 48 percent of the national average — ranks it 27th among the 50 states.

 

Providence County accounted for largest share of state total

Leading the state in foreclosures for the month was Providence County, reporting 151 properties entering some stage of the foreclosure process.  Kent County had the second highest total, reporting 35 properties entering some stage of the foreclosure process, followed by Washington County where 11 properties entered some stage of the foreclosure process.

 

Highest foreclosure rate also reported in Providence County

Providence County also posted the state’s highest foreclosure rate in September, with one new foreclosure filing for every 1,677 households — 1.3 times the state average. Reporting one new foreclosure filing for every 2,010 households — 1.1 times the state average — Kent County had the second highest foreclosure rate in the state.

 

State accounts for little of national total

Rhode Island’s foreclosure activity accounted for less than 1 percent of the 112,210 properties entering some stage of foreclosure nationwide in September. The national total represents an almost 1 percent decrease in activity from the 113,300 foreclosures reported in August. The national foreclosure rate increased to one new foreclosure filing for every 1,030 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 – September 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

25,379

43,840

6,285

19,338

17,368

112,210

1,030

Rhode Island

0

204

0

0

0

204

2,156

0.48

 

 

 

 

 

 

 

 

 

 

Bristol

0

6

0

0

0

6

3,314

0.31

0.65

Kent

0

35

0

0

0

35

2,010

0.51

1.07

Newport

0

1

0

0

0

1

39,561

0.03

0.05

Providence

0

151

0

0

0

151

1,677

0.61

1.29

Washington

0

11

0

0

0

11

5,165

0.20

0.42

 

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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