R.I., Mass. foreclosures fall,
defying national trend
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COURTESY REALTYTRAC INC.
STATEWIDE last month, Rhode Island had one foreclosure filing for every 1,102 households. Within the state, rates ranged from Providence County’s 1 in every 860 homes to Newport County’s 1 in 3,720. (To view the full-size graphic, click here.) |
IRVINE, Calif. – Home foreclosure and default filings fell last month in both Rhode Island and Massachusetts, even as filings nationwide rose to their third-highest level since the monthly report began, RealtyTrac Inc. said today.
Nationwide in February, the number of reported foreclosure filings rose to 290,631– 109,573 loan default notices; 106,963 foreclosure-auction warnings; and 74,095 actual sales – an increase of 5.92 percent from the month before and 29.95 percent from February 2008, the real estate data company said.
“The increase in foreclosure activity from January to February is somewhat surprising, given that many of the foreclosure-prevention efforts and moratoria in place in January were extended through most of February as well,” said CEO James J. Saccacio.
In the Ocean State last month, 409 default and foreclosure filings were reported – no notices of default; 197 foreclosure sale notices; and 212 real estate owned (REO) properties foreclosed or repurchased by the bank – for an overall decline of 45.10 percent compared with January and 8.30 percent compared with February 2008.
In Massachusetts, 2,940 foreclosure actions were reported last month – 1,498 default notices; 486 auction notices; and 956 REOs – for an overall decline of 12.55 percent compared with January and 24.73 percent compared with a year ago.
Total filings more than doubled year over year in eight states: Hawaii (+275.52%), Idaho (+129.39%), Kansas (+156.80%), Nevada (+155.93%), Oregon (+127.78%), South Carolina (+254.30%), Vermont (+175%) and West Virginia (+186.62%).
Nevada continued to post the nation’s highest foreclosure rate, with one in every 70 homes receiving a foreclosure filing in February. Arizona was next, with one filing for every 147 housing units. California was No. 3 with one filing for every 165 units. Locally, however, Rhode Island’s rate of one filing for every 1,102 units and the Bay State’s one per every 926 both were well below last month’s national average of one filing for every 440 households.
RealtyTrac Inc. is a publisher of data and advice for real estate markets nationwide. To learn more, go to www.RealtyTrac.com or visit the company’s distressed-property blog at www.ForeclosurePulse.com.
