ECONOMIC INDICATORS

R.I.'s completed foreclosures rise 6%

COURTESY HOUSINGWORKSRI
COMPLETED residential foreclosures in Rhode Island rose 6 percent from 2010 to 2011, with the state’s large cities bearing the brunt of the problem, according to a HousingWorks RI report. For a larger version of this chart, click HERE.
Posted 3/29/12

PROVIDENCE – Completed residential foreclosures in Rhode Island rose 6 percent from 2010 to 2011, with the state’s large cities bearing the brunt of the problem, according to a HousingWorks RI report released Thursday.

The impact of foreclosures on the housing stock hit hardest in Central Falls, where 13.66 percent of properties with a mortgage went through foreclosure between 2009 and 2010, based on a HousingWorks analysis of data from The Warren Group.

In Providence, 9.78 percent of mortgaged properties went through foreclosure over the three-year period while Woonsocket had the third-highest rate at 8.21 percent.

While the number of finished foreclosures increased by 118 properties in 2011, the combined number of foreclosure initiations and mortgages more than 90 days delinquent fell from 2010.

Since 2007, Rhode Island has had the highest 90-day mortgage delinquency rate of the six New England states, but in the fourth quarter of 2011, the delinquency rate of 7.94 dropped below Maine and Connecticut.

While Central Falls saw the highest percentage of total properties go through foreclosure between 2009 and 2011, Warwick had the highest number of single-family foreclosures with 786 during the period.

HousingWorks RI – a coalition of Rhode Island affordable housing organizations – noted that one-third of foreclosures in the state were of multi-family properties and most foreclosures resulted in the elimination of more than one rental unit.

Of the 2,178 multi-family properties foreclosed from 2009 to 2011, HousingWorks estimated that 6,324 total units were affected.

Executive Director Nellie Gorbea said this heightens the need for investments in affordable housing creation.

“For Rhode Island to remain truly competitive in attracting and retaining businesses and growing a vibrant workforce, the state must elevate long-term affordable housing into its overall economic development strategy and develop a consistent funding policy for long-term affordable housing development and operation,” Gorbea said.

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