Foreclosures starts, completions fall in Providence metro in May

Foreclosure starts in the Providence metro area fell 18 percent in May compared with the same period last year and completed foreclosures dropped 30 percent, according to RealtyTrac. More

To continue reading this article, please do one of the following.



economic indicators

Foreclosures starts, completions fall in Providence metro in May

COURTESY REALTYTRAC
BOTH FORECLOSURE STARTS and the number of completed foreclosures fell in the Providence-Fall River-New Bedford metropolitan area in May.
Posted 6/14/13

PROVIDENCE – Foreclosure starts in the Providence metro area fell 18 percent in May compared with the same period last year and completed foreclosures dropped 30 percent, according to RealtyTrac.

Lenders initiated foreclosure proceedings against 237 properties in the area – which includes Providence, Fall River and New Bedford – compared with 290 properties in May 2012, according to the California-based real estate data firm.

The declines were the result of a dramatic 78 percent drop in Bristol County, Mass. foreclosure starts. Lenders only began 21 Bristol County foreclosures last month compared with 97 last May. The sharp slowdown in foreclosure activity in Bristol County reflected the trend in Massachusetts as a whole.

For the second consecutive month, Rhode Island saw foreclosure starts climb year over year, in this case by 12 percent. There were 216 Rhode Island properties entering the foreclosure process in May compared with 193 last May.

Completed foreclosures declined in both Rhode Island and Bristol County. There were 146 completed foreclosures in the metro area in May, down from 211 in May 2012.

In Rhode Island the 113 finished foreclosures last month dropped 28 percent the from the 157 repossessions last May.

In Bristol County, Mass., lenders took back 33 homes last month, 39 percent fewer than the 54 repossessions in May 2012.

Calendar
PBN Hosted
Events

Please join PBN on September 10th for the 3rd Annual Fastest Growing & Innovative Companies program at Rosecliff Mansion in Newport. Seating is limited so be sure to register early.
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