ECONOMIC INDICATORS

Foreclosure starts rise 2% in Providence metro area

BLOOMBERG FILE PHOTO/JOSHUA LOTT
FORECLOSURE STARTS in the Providence-Fall River-New Bedford metro area rose by 2 percent in October.
Posted 11/15/12

PROVIDENCE – Foreclosure starts in the Providence-Fall River-New Bedford area rose 2 percent in October compared with the same period last year on quickening activity in Massachusetts, RealtyTrac said Thursday.

Lenders initiated foreclosure proceedings on 443 Providence-area properties in October, the California-based real estate data firm said, up from 436 properties in October 2011.

In Rhode Island, foreclosure starts fell 23 percent in October, to 244, compared with the same period in 2011.

Total starts in the Providence metro area rose because Bristol County, Mass. foreclosure initiations surged 69 percent, from 118 properties last October to 199 properties last month.

While foreclosure starts climbed, finished foreclosure repossessions in the area dropped 30 percent year over year.

Completed lender repossessions fell in both Rhode Island and Bristol County, Mass., bringing the total number in the Providence area down to 204 properties in October compared with 287 last October.

Nationally, total foreclosure filings, including initiations, auction notices and repossessions, fell 19 percent in October compared with the same period in 2011.

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