ECONOMIC INDICATORS

Foreclosure filings fall in Providence metro

COURTESY REALTYTRAC
LENDERS INITIATED 32 percent fewer foreclosure filings in the Providence-Fall River–New Bedford area in May than they did during the same period 2011, RealtyTrac said Thursday. For a larger version of this map, click HERE.
Posted 6/14/12

PROVIDENCE – Lenders initiated 32 percent fewer foreclosure filings in the Providence-Fall River–New Bedford area in May than they did during the same period 2011, RealtyTrac said Thursday.

May was the fourth consecutive month that foreclosure filings – including default notices, auctions and repossessions – dropped year-over-year in the Providence area, according to the Irvine-Calif.-based real estate data firm.

There were 564 total filings in the area in May, down from 835 in May 2011.

As has been the case so far this year, the filing declines were led by Rhode Island, where year-over-year filings dropped 38 percent.

In Massachusetts, where foreclosures had been picking up in recent months, filings increased 2 percent in May. Year-over-year Bristol County, Mass. filings dropped 21 percent.

Nationally, May foreclosure filings dropped 4 percent from May 2011 as the foreclosure surge many had feared in the wake of a settlement between lenders and the government over foreclosure abuses has yet to occur.

RealtyTrac CEO Brandon Moore said banks’ willingness to accept short sales and other pre-foreclosures transactions of distressed properties appears to be limiting repossessions.

“More banks are now recognizing that treating the problem of delinquent mortgages with short sales rather than bank repossessions can help them minimize their losses and also avoid taking on more REOs, which they then have to manage, maintain and market for sale,” Moore said.

Calendar
PBN Hosted
Events

Join PBN and two panels of successful female executives, business owners and entrepreneurs as we delve into what women should do to advance their careers, and become leaders in the corporate world and their own enterprises.
  • Book of Lists Party
    Save the date - January 15, 2015 for PBN's Book of Lists Party at the Providence ...
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