Rhode Island Foreclosures Up in 2010

Statewide filings rise 4 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 5,246 Rhode Island properties for 2010, up 4 percent from a year ago but 20 percent below the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 519 Rhode Island properties in December 2010, a 31 percent increase from November, but 24 percent lower than the level reported in December 2009. One in every 870 Rhode Island housing units received a foreclosure filing during the month.

 

“Foreclosure activity rose slightly in Rhode Island during 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “While the state’s unemployment rate did decrease considerably, it was still 2 percent higher than the national average. This is one factor that contributed to the overall rise in foreclosures last year.”

Rhode Island ranked 40th in the nation in total foreclosures for 2010. Its foreclosure rate of one in every 86 housing units receiving a foreclosure filing during the year, ranked it 31st among the 50 states.

Providence County posts state’s top foreclosure rate in 2010

One in every 68 housing units received a foreclosure filing in Providence County in 2010 — 1.3 times the state average. Kent County reported the second highest foreclosure rate in the state with one in every 79 housing units receiving a foreclosure filing for the year — 1.1 times the state average. Bristol County came in third, with one in every 158 housing units receiving a foreclosure filing.

 

Highest foreclosure total reported in Providence County for 2010

Foreclosure activity was heaviest in Providence County, which reported 3,782 properties with foreclosure filings for the year. Kent County tallied the second highest foreclosure level, reporting 915 properties with foreclosure filings. Third highest total was in Newport County where 220 properties with foreclosure filings were reported. Fourth highest was Washington County, where 201 properties with foreclosure filings were reported. Bristol County filled out the state’s top five, tallying 128 properties with foreclosure filings for the year.

 

State a minor contributor to nation’s foreclosure total for 2010

Rhode Island accounted for less than 1 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Rhode Island

0

0

3,298

0

1,948

5,246

86

0.52

n/a

 

 

 

 

 

 

 

 

 

 

Providence

0

0

2,491

0

1,291

3,782

68

0.66

1.27

Kent

0

0

523

0

392

915

79

0.57

1.09

Bristol

0

0

82

0

46

128

158

0.28

0.54

Newport

0

0

147

0

73

220

186

0.24

0.46

Washington

0

0

55

0

146

201

306

0.15

0.28

 

Rhode Island Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

492

1.67

23.23

Rhode Island

0

0

3,298

0

1,948

5,246

86

3.57

-20.31

 

 

 

 

 

 

 

 

 

 

Providence

0

0

2,491

0

1,291

3,782

68

4.36

-32.15

Kent

0

0

523

0

392

915

79

6.03

79.41

Newport

0

0

147

0

73

220

186

-13.04

115.69

Washington

0

0

55

0

146

201

306

-8.22

-23.28

Bristol

0

0

82

0

46

128

158

20.75

-5.19

 

 

 

Rhode Island Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Rhode Island

0

0

387

0

132

519

870

0.58

n/a

 

 

 

 

 

 

 

 

 

 

Providence

0

0

342

0

83

425

604

0.83

1.44

Bristol

0

0

12

0

3

15

1,351

0.37

0.64

Newport

0

0

24

0

5

29

1,413

0.35

0.62

Kent

0

0

8

0

31

39

1,861

0.27

0.47

Washington

0

0

1

0

10

11

5,583

0.09

0.16

 

 

Rhode Island Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Rhode Island

0

0

387

0

132

519

870

31.06

-24.34

 

 

 

 

 

 

 

 

 

 

Providence

0

0

342

0

83

425

604

31.58

-5.35

Kent

0

0

8

0

31

39

1,861

2.63

-73.83

Newport

0

0

24

0

5

29

1,413

123.08

-36.96

Bristol

0

0

12

0

3

15

1,351

36.36

-37.50

Washington

0

0

1

0

10

11

5,583

0.00

-38.89

 

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