The RI housing market starts to climb from the ashes of the housing slump just in time for fall and winter first time home buyer sales to rise. A decrease in foreclosures may prompt lenders to process more mortgage approvals for first and second time home buyers in RI.
Foreclosures in Rhode Island fall 25.2%
By Chris Barrett
PBN Staff Writer
RHODE ISLAND saw a year-over-year decline in foreclosure notices in July, even as the number increased from June.
PROVIDENCE – The number of foreclosure notices in Rhode Island dropped 25.2 percent in July compared with the same month last year, RealtyTrac Inc. said Thursday.
The Irvine, Calif.-based real-estate tracking firm said 378 properties in Rhode Island, or one in every 1,195 homes, received a foreclosure notice in July. The state’s foreclosure rate ranked 36th-highest among the 50 states.
The number of notices filed in Rhode Island in July increased 15.6 percent compared with the previous month, RealtyTrac said.
Nationally, RealtyTrac said one in every 397 homes received a foreclosure notice in July, down 9.7 percent from a year earlier but up 3.6 percent from June 2010.
“July marked the 17th-consecutive month with a foreclosure activity total exceeding 300,000,” said James J. Saccacio, CEO of RealtyTrac. “Declines in new default notices, which were down on a year-over-year basis for the sixth-straight month in July, have been offset by near-record levels of bank repossessions, which increased on a year-over-year basis for the eighth-straight month.”
Nevada’s foreclosure rate remained highest among the states for the 43rd month in a row. One in every 82 housing units there received a foreclosure filing during the month – almost five times the national average. Other hard-hit states were Arizona, California and Florida.
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Scotti and Associates are Commercial Real Estate Brokers, Residentail REALTORS, and Appraisers located in Providence RI with comercial and industrial property and homes for sale in Rhode Island and Massachusetts. They are also provide expert real estate appraisals in RI, MA, and throughout New England.
Contact them today at 401-421-8888 or visit them on the web at http://www.ScottiRealEstate.com
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