REAL ESTATE

R.I. foreclosure inventory rises to 2.9% in November

COURTESY CORELOFIC
RHODE ISLAND'S FORECLOSURE INVENTORY rose to 2.9 percent in November, according to real estate data firm CoreLogic.
Posted 1/3/13

IRVINE, Calif. – The foreclosure inventory in Rhode Island rose 0.2 percentage points year over year in November to 2.9 percent, according to CoreLogic. This means that 2.9 percent of all homes with a mortgage in Rhode Island were in one aspect of the foreclosure process.

From December 2011 to November 2012, there were 1,885 completed foreclosures in the Ocean State. The number of mortgages per completed foreclosure was 68, 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 rose 0.1 percentage points year over year in November to 2 percent.

For the 12 months ended November 2012, 7,043 foreclosures were completed in the Bay State. There were 122 mortgages per completed foreclosure during that period.

Roughly 1.2 million homes, or 3.0 percent of all homes with a mortgage, were in the national foreclosure inventory as of November 2012. This is a decline of 0.5 percentage points from the 3.5 percent foreclosure inventory reported in November 2011.

Nationally, there were 55,000 completed foreclosures in November, a decrease of 23 percent from the 72,000 reported in November 2011.

“The continued fall in completed foreclosures is a positive supply-side contribution in many regions of the U.S.,” Anand Nallathami, president and CEO of CoreLogic, said in prepared remarks. “We still have a long way to go to return to historic norms, but this trend is firmly in the right direction.”

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