Foreclosure inventory rises slightly in R.I.

PROVIDENCE – Rhode Island’s foreclosure inventory rate rose slightly over the year in October to 1.9 percent, but remained above the national rate of 1.2 percent, CoreLogic said last week.

The foreclosure inventory rate rose one-tenth of a percentage point in the Ocean State, bucking the national trend of falling rates. The national rate declined three-tenths of a percentage point.

Still, the number of completed foreclosures fell in October in Rhode Island, to 1,156 from 1,664 in October 2014, a nearly 31 percent decline. Nationally, completed foreclosures fell 27.1 percent year over year, CoreLogic said.

Foreclosure inventory is the share of all homes at some stage of the foreclosure process, while completed foreclosures reflect the total number of homes lost to foreclosure.

- Advertisement -

Since the financial crisis began in September 2008, there have been approximately 6 million completed foreclosures across the country, and since homeownership rates peaked in the second quarter of 2004, there have been about 8 million homes lost to foreclosure, CoreLogic said. •

No posts to display