ECONOMIC INDICATORS

R.I. foreclosure rate falls 0.3 percentage points in July

COURTESY CORELOGIC
RHODE ISLAND'S foreclosure rate fell 0.3 percentage points in July compared with July 2011 numbers. For a larger version of this map, click HERE.
Posted 8/28/12

(Updated, 11:10 p.m.)

PROVIDENCE – The foreclosure rate in Rhode Island fell 0.3 percentage points in July compared with the same period in 2011, CoreLogic said Tuesday.

Figures released by the Santa Ana, Calif.-based real estate data firm reported Rhode Island’s foreclosure inventory as 2.9 percent during July, compared with 3.2 percent in July 2011.

Comparatively, the national foreclosure inventory was 3.2 percent, a 0.2 percentage point decline from July 2011.

In July, there were 58,000 foreclosures in the United States, a 16 percent drop from the 69,000 foreclosures reported during the same month in 2011.

During the 12 months ended July 31, Rhode Islanders completed 2,664 foreclosures. Across the U.S., 794,744 were completed during the same period.

“The decline in completed foreclosures is yet another positive signal that the housing market is continuing on a progressive path of stabilization and recovery,” Anand Nallathambi, president and CEO of CoreLogic, said in a statement.

“Alternative resolutions are helping to reduce foreclosures and often result in more positive transition for the borrower and lower losses for investors and lenders.”

Editor’s note: CoreLogic revised its data late Tuesday after it realized that the charts it had sent out reported that Rhode Island had seen an increase in its foreclosure inventory, when in fact it had seen a decrease over the last 12 months. An earlier version of this story had used the incorrect data.

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