R.I. foreclosure inventory unchanged in January

RHODE ISLAND'S FORECLOSURE INVENTORY was unchanged in January at 3 percent, CoreLogic said Thursday.
Posted 2/28/13

IRVINE, Calif. – The foreclosure inventory in Rhode Island was unchanged from January 2012 to January 2013 at 3 percent, CoreLogic reported Thursday. This means that 3 percent of all homes with a mortgage in Rhode Island were in one aspect of the foreclosure process.

From February 2012 to January 2013, there were 1,748 completed foreclosures in the Ocean State. The number of mortgages per completed foreclosure was 73, 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 0.1 percentage points year over year in January to 1.9 percent.

For the 12 months ended January 2013, 5,975 foreclosures were completed in the Bay State. There were 143 mortgages per completed foreclosure during that period.

Roughly 1.2 million homes, or 2.9 percent of all homes with a mortgage, were in the national foreclosure inventory as of January 2013. This is a decline of 21 percent from the 1.5 million reported in January 2012.

Nationally, there were 760,632 completed foreclosures during the 12 months ended January 2013, a decrease of 0.7 from January 2012.

“We still have over a million homes in some stage of foreclosure, which is too high, but the continuing downward trend in completed foreclosures is a very positive signal that there is a light at the end of the tunnel,” Anand Nallathambi, president and CEO of CoreLogic, said in a statement.

“We expect this trend will continue in 2013 as the housing market stabilizes and purchase activity picks up,” Nallathambi added.

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