ECONOMIC INDICATORS

Foreclosure starts fall 13% in Providence metro area

COURTESY REALTYTRAC
FORECLOSURE STARTS fell 13 percent in the Providence-Fall River-New Bedford metropolitan area in November, a drop that was led by Rhode Island, where lenders initiated 24 percent fewer foreclosures than they did during the same month in 2011.
Posted 12/13/12

PROVIDENCE – Lenders initiated 13 percent fewer foreclosures in the Providence-Fall River-New Bedford area in November then they did during the same period in 2011, ReatyTrac said Thursday.

Completed Providence-area foreclosures in November fell 30 percent year over year.

The California-based real estate data firm reported 342 foreclosure starts filed in the Providence area last month, down from 391 during November 2011.

The drop in new foreclosure proceedings was driven by Rhode Island, where lenders filed 220 foreclosure starts, 24 percent fewer than the same time last year.

In Bristol County, Mass., foreclosures starts rose 20 percent year over year, to 122 last month from 102 the previous year.

In Rhode Island, 126 properties were repossessed by lenders in November, down from 185 last November, a 32 percent decline.

In Bristol County, Mass., there were 36 finished repossessions, down from 45 in November 2011, a 20 percent decline.

Nationally, foreclosure starts declined 28 percent last month compared with November 2011, while bank repossessions rose 5 percent year over year.

“The drop in overall foreclosure activity in November was caused largely by a 71-month low in foreclosure starts for the month, more evidence that we are past the worst of the foreclosure problem brought about by the housing bubble bursting six years ago,” said RealtyTrac Vice President Daren Blomquist in a statement with the November figures.

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