real estate

R.I. foreclosure inventory falls slightly in March

COURTESY CORELOGIC
THE FORECLOSURE INVENTORY rate fells 0.1 percentage points in Rhode Island and 0.2 percentage points in Massachusetts in March, according to CoreLogic.
Posted 4/30/13

IRVINE, Calif. – The foreclosure inventory in Rhode Island dropped slightly from March 2012 to March 2013 to 3.1 percent, CoreLogic reported Tuesday. This means that 3.1 percent of all homes with a mortgage in Rhode Island were in one aspect of the foreclosure process.

From April 2012 to March 2013, there were 1,600 completed foreclosures in the Ocean State. The number of mortgages per completed foreclosure was 78, the real estate data tracking firm reported.

Completed foreclosures are considered an indication of the total number of homes actually lost to foreclosure.

Comparatively, the foreclosure inventory in Massachusetts dropped 0.2 percentage points year over year in March to 1.9 percent.

For the 12 months ended March 2013, 4,995 foreclosures were completed in the Bay State. There were 168 mortgages per completed foreclosure during that period.

Roughly 1.1 million homes, or 2.8 percent of all homes with a mortgage, were in the national foreclosure inventory as of March 2013. This is a decline of 23 percent from the 1.5 million reported in March 2012.

Nationally, there were 734,707 completed foreclosures during the 12 months ended March 2013, a decrease of 0.7 percent from March 2012.

“For 17 consecutive months, foreclosures have declined year over year across the U.S.,” Anand Nallathambi, president and CEO of CoreLogic, said in prepared remarks. “Although we still have more than a million homes in some stage of foreclosure, this trend, combined with rising home prices, is another signal of a gradually improving housing market.”

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