Residential foreclosure deeds rise 10% in R.I. in ’14

HOUSINGWORKS RI released its analysis of residential foreclosures in Rhode Island, finding that 22 municipalities reported increases in actual foreclosure deeds filed in 2014 compared to 2013, while 12 municipalities and the East Side of Providence experienced decreases, and five saw no changes at all. / COURTESY HOUSINGWORKS RI
HOUSINGWORKS RI released its analysis of residential foreclosures in Rhode Island, finding that 22 municipalities reported increases in actual foreclosure deeds filed in 2014 compared to 2013, while 12 municipalities and the East Side of Providence experienced decreases, and five saw no changes at all. / COURTESY HOUSINGWORKS RI

PROVIDENCE – There was a 10 percent increase in the number of residential foreclosure deeds filed in Rhode Island in 2014 compared with 2013, according to a report from HousingWorks RI at Roger Williams University, which studied residential foreclosures in each of the state’s 39 cities and towns.

In 2014, there were 1,645 residential foreclosure deeds filed, compared with 1,500 in 2013.
There were 398 foreclosure deeds in the fourth quarter, compared with 305 during the prior year period, a 30 percent increase.
The report said 22 municipalities reported increases in foreclosure deeds in 2014 compared with 2013, while 12 municipalities and the East Side of Providence experienced declines, and five had no changes.
East Bay communities – Barrington, Bristol and Warren – had the greatest increases, experiencing an overall 96 percent rise in residential foreclosure deeds year over year. The report said that Warren alone had a 157 percent increase in residential foreclosures, with 18 foreclosures last year compared with seven in 2013.
“Most Rhode Island communities saw an increase in the number of residential foreclosure deeds filed, but we were surprised to see such an uptick of foreclosures in the East Bay,” Jessica Cigna, research and policy director for HousingWorks RI at Roger Williams University, said in a statement. “Combined, Barrington, Bristol and Warren went from 25 residential foreclosure deeds filed in 2013 to 49 in 2014. This is something we’ll have to keep an eye on in 2015.”
The report also said that other municipalities with notable year-over-year increases include Westerly, Hopkinton and Tiverton, which saw their foreclosures increase 150 percent, 143 percent and 107 percent, respectively.
Westerly’s foreclosures went to 35 from 14, while Hopkinton increased to 17 from seven, and Tiverton saw its foreclosures rise to 29 from 14.

Among communities that saw declines, Middletown and Foster each had 50 percent drops, going to four foreclosures last year from eight in 2013. Burrillville had the next greatest decline at 39 percent, dropping to 29 foreclosures from 36. Central Falls also experienced a 23 percent drop, to 20 from 26.
Among the communities with no year-over-year changes, East Greenwich, Narragansett and West Greenwich held steady with 12, seven and five foreclosures, respectively. Little Compton and New Shoreham both had zero foreclosures in 2014 and 2013.
The report said that United Way 2-1-1 in Rhode Island received 8,570 foreclosure-prevention calls in 2014, nearly 3,000 less than 2013. However, the number of requests for foreclosure-prevention information remains elevated when compared to pre-crisis levels, the report said.
Rhode Island also continues to be among the nation’s leaders in indicators such as percentage of seriously delinquent loans and share of “underwater” residential properties, which means the homes are worth less than what is owed on the mortgage. Nearly 16 percent of Rhode Island mortgages are underwater, placing the Ocean State among the top five states in the U.S. with the highest share of residential properties with negative equity, the report said.

Despite these findings, HousingWorks RI’s analysis of National Delinquency Survey data shows that both seriously delinquent loans and foreclosure starts have fallen since fourth quarter 2013.
“The seemingly contradictory findings attest to the volatility of Rhode Island’s housing market at the height of our foreclosure crisis. Although these numbers are falling, they are falling from high peaks,” Cigna said. “That said, important indicators like the unemployment rate and the percent of seriously delinquent loans are all going in the right direction.”

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