R.I. foreclosure rate drops slightly in May

RHODE ISLAND'S foreclosure rate fell 0.2 percentage points from May 2011 to May 2012, CoreLogic said Friday. For a larger version of this map, click HERE.
Posted 6/29/12

PROVIDENCE – Rhode Island’s foreclosure rate fell 0.2 percentage points from May 2011 to May 2012, CoreLogic said Friday.

In May, 3.1 percent of all Rhode Island homes with a mortgage were in the National Foreclosure Inventory. During the 12 months ended May 31, 3,276 Rhode Island homes were foreclosed upon.

Comparatively, across the U.S., 3.4 percent of all homes with a mortgage were in the National Foreclosure Inventory in May. Florida had the highest foreclosure inventory rate as a percentage of all mortgaged homes at 11.9 percent and Wyoming had the lower percentage at 0.7 percent.

“Although the level of completed foreclosures remains high, it is down 27 percent from a peak of 1.1 million in all of 2010,” Mark Fleming, chief economist for CoreLogic, said in the California-based real estate tracking firm’s report.

Across the six New England states, Rhode Island saw the fourth-highest foreclosure rate at 3.1 percent, behind New Hampshire at 1.5 percent, Massachusetts at 2 percent and Vermont at 2.5 percent. Maine and Connecticut saw 4.2 percent and 4.6 percent foreclosure rates, respectively.

Year-over-year in New England, Rhode Island saw the largest percentage point drop in foreclosure rates from May 2011, with a 0.2 percentage point drop. New Hampshire and Massachusetts both saw a decrease of 0.1 percentage points year-over-year.

Connecticut, Vermont and Maine saw more foreclosures in May 2012 than they did in May 2011. Connecticut had a 1.2 percentage point rise in its foreclosure rate between May 2011 and May 2012. Both Vermont and Maine saw increases of 0.3 percentage points during that period.

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