HousingWorks: Fewer foreclosures filed in 3Q

HOUSINGWORKS RI SAID FEWER foreclosure deeds were filed in Rhode Island in the third quarter compared with third quarter 2013, but more have been filed when comparing the first three quarters of 2014 with the same period in 2013. / COURTESY HOUSINGWORKS RI
HOUSINGWORKS RI SAID FEWER foreclosure deeds were filed in Rhode Island in the third quarter compared with third quarter 2013, but more have been filed when comparing the first three quarters of 2014 with the same period in 2013. / COURTESY HOUSINGWORKS RI

PROVIDENCE – Eighteen fewer foreclosure deeds were filed in Rhode Island in the third quarter compared with the same period last year, according to HousingWorks RI at Roger Williams University.
A total of 364 residential foreclosure deeds were filed, while 382 were filed a year ago, a nearly 5 percent decrease.
However, for the first three quarters of the year, 1,193 residential foreclosure deeds were filed, representing a 2 percent increase over the same period in 2013.
“We had a large increase in foreclosures during the first quarter of 2014 compared to the first quarter of 2013, and that is still affecting the cumulative annual numbers. It will be interesting to see how this year plays out in the fourth quarter,” Jessica Cigna, research and policy director for HousingWorks RI, said in a statement.
HousingWorks RI studied HousingWorks RI’s 39 cities and towns, as well as the east side of Providence.
It said that 20 communities had an increase in residential foreclosure deeds filed over the first three quarters of 2014 when compared to the same time period of 2013; 15 communities and the east side of Providence reported decreases; and four communities saw no change at all.
Eight communities, including the east side of Providence, had foreclosure rates higher than the state rate of .2 percent in third quarter 2014.
Providence had the most foreclosures through the first three quarters at 250, a 25 percent increase compared with the same period a year ago. That does not include the city’s east side, which had 14 foreclosures, an 18 percent drop.
Warwick had the second-highest number of foreclosures at 156 for the first three quarters, a 17 percent increase compared with a year ago.
Warren had the largest percentage increase in foreclosures comparing the first three quarters of 2014 with 2013, at 225 percent, when foreclosures rose to 13 from 4.
Central Falls, Little Compton, New Shoreham and Smithfield had zero foreclosures in the third quarter.
HousingWorks RI’s analysis of National Delinquency Survey data also found that Rhode Island is ranked third in New England and eighth nationally for seriously delinquent loans. Nationally,
Rhode Island ranks 8th for seriously delinquent loans. At 6.1 percent for seriously delinquent loans, HousingWorks said, Rhode Island surpassed the national third quarter figure of 4.65 percent.

“We know that many mortgaged homeowners in Rhode Island are still struggling, so we’d like to see our seriously delinquent loans come down below the national level,” Cigna said.

Read the report HERE.

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