ECONOMIC INDICATORS

Foreclosure filings drop in Providence area

COURTESY REALTYTRAC.COM
FORECLOSURE filings in the Providence-Fall River-New Bedford area fell 26 percent in March and 14 percent in the first quarter of the 2012 compared with the same periods in 2011. For a larger version of this map, click HERE.
Posted 4/12/12

PROVIDENCE – Foreclosure filings in the Providence-Fall River-New Bedford area fell 26 percent in March and 14 percent in the first quarter of 2012 compared with the same periods in 2011, RealtyTrac said Thursday.

During March, the Irvine, Calif.-based real estate data group reported 574 foreclosure filings – which include notices of defaults, auctions and repossessions – compared with 772 total filings in March of 2011.

In the first three months of 2012, there were 1,673 foreclosure filings in the area compared with 1,947 filings in the first three months of 2011.

The decline in foreclosure activity in the Providence area, which includes Bristol County, Mass. and all of Rhode Island except Newport County, tracked a 16 percent national decline in foreclosure filings.

When the nation’s five largest lenders settled a lawsuit over foreclosure abuses at the beginning of February, most experts expected a short term rise in foreclosure activity that has not happened yet.

“The low foreclosure numbers in the first quarter are not an indication that the massive reservoir of distressed properties built up over the past few years has somehow miraculously evaporated,” said RealtyTrac CEO Brandon Moore.

“The dam may not burst in the next 30 to 45 days, but it will eventually burst, and everyone downstream should be prepared for that to happen — both in terms of new foreclosure activity and new short sale activity,” he added.

Unlike February, when foreclosure filings in Bristol County, Mass rose while Rhode Island filings fell, in March Bristol County year-over-year filings fell 6 percent while Rhode Island filings fell 34 percent compared with last year.

For the full report, visit realtytrac.com.

Calendar
PBN Hosted
Events

Two Great Programs...One Great Event. PBN's Annual Celebration of Growth and Innovation is now underway. 2014 applications are now available. Deadline August 1st.
  • 40 Under Forty
    We're almost sold out. The 10th Anniversary of 40 Under Forty, and PBN is planni ...
  • Healthiest Employers
    Save the date - August 14th - at the Providence Marriott for the 3rd annual Heal ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement