RHODE ISLAND FORECLOSURES INCREASE 5,450 PERCENT IN APRIL

Market Activity Skyrockets From Activity Level Reported a Year Ago

Bristol County Posts State’s Highest Foreclosure Rate

 

IRVINE, Calif. – May 31, 2006 – Rhode Island reported 111 properties entering some stage of foreclosure in April, a 5,450 percent increase from the previous month and a similar increase over the two foreclosures reported in April 2005, according to RealtyTrac’s April 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, AOL Real Estate and Knight Ridder Online.

 

“The rate of foreclosures in Rhode Island has risen dramatically in the past 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.”

 

With one foreclosure filing for every 3,962 households (one-third the national average), Rhode Island‘s foreclosure rate ranked 31st among the 50 states. Overall, the state total accounted for less than 0.10 percent of the nation’s foreclosures, with 36 states reporting more foreclosures for the month.

 

Reporting 80 properties entering some stage of foreclosure, Providence County accounted for the majority of the state’s foreclosure filings in April. Bristol County‘s foreclosure rate of one foreclosure filing for every 2,485 households was the highest in the state and 1.6 times the state average.

 

Nationwide a total of 91,168 properties entered some stage of foreclosure in April, a 10 percent decrease from the previous month but a 33 percent year-over-year increase from April 2005. This marked the second straight month of decreasing U.S. foreclosure activity. At one foreclosure filing for every 1,268 households, the national foreclosure rate for April was higher than for any month in 2005.

 

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 — April 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every #households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

U.S.

21,244

38,238

2,833

9,071

19,782

91,168

1,268

Rhode Island

0

109

0

0

2

111

3,962

0.32

 

 

 

 

 

 

 

 

 

 

Bristol

0

7

0

0

1

8

2,485

0.51

1.59

Kent

0

15

0

0

0

15

4,691

0.27

0.84

Newport

0

4

0

0

0

4

9,890

0.13

0.40

Providence

0

79

0

0

1

80

3,165

0.40

1.25

Washington

0

4

0

0

0

4

14,204

0.09

0.28

 

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, 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 AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. 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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