economic indicators

Foreclosure starts, completions fall in Providence metro in March

BOTH FORECLOSURE starts and the number of completed foreclosures fell in the Providence-Fall River-New Bedford metropolitan area in March.
Posted 4/12/13

PROVIDENCE – March foreclosure starts in the Providence-Fall River-New Bedford area dropped 15.5 percent and completed foreclosures fell 6.9 percent compared with the same period last year, according to RealtyTrac’s latest report.

The California-based real estate tracking firm said lenders initiated foreclosure proceedings on 235 metro-area properties in March compared with 278 in March 2012. Completed repossessions dropped to 201 last month from 216 last March.

The declines were most significant in Bristol County, Mass., where foreclosure starts plunged 48.4 percent and completed repossessions fell 4.6 percent. There were 41 completed Bristol County repossessions reported last month compared with 43 in March 2012.

Bristol County followed the rest of Massachusetts, where total statewide foreclosure starts fell 40.8.

On the other hand, in Rhode Island, the 186 March foreclosure starts represented a 1.6 percent increase from last March, when there were 183. Completed Rhode Island foreclosures fell 7.5 percent, from 173 last March to 160 last month.

For the first quarter of 2013, the Providence metro area saw foreclosure starts drop 30 percent from 1103 during the fourth quarter of 2012 to 772. As foreclosure starts fell, however, completions rose 21.5 percent from the fourth quarter of 2012 to the first quarter of 2013.

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