economic indicators

Foreclosures fall in Prov. metro in April, but more to come in R.I.

BOTH FORECLOSURE STARTS and completions fell in the Providence-Fall River-New Bedford metropolitan area in April, according to RealtyTrac.
Posted 5/9/13

PROVIDENCE – April foreclosure starts in the Providence-Fall River-New Bedford metropolitan area dropped 7.8 percent, and completed foreclosures fell 32.5 percent compared with the same period last year, according to RealtyTrac’s latest report.

The California-based real estate tracking firm said lenders initiated foreclosure proceedings on 309 metro-area properties in April compared with 335 in April 2012. Completed foreclosures dropped to 170 last month from 252 last April.

The declines were most significant in Bristol County, Mass., where foreclosure starts plunged 84 percent and completed repossessions fell 32.5 percent. There were 20 completed Bristol County repossessions reported last month compared with 126 in March 2012.

Bristol County followed the rest of Massachusetts, where total statewide foreclosure starts fell 82.2 percent.

On the other hand, in Rhode Island, the 289 April foreclosure starts represented a 38.3 percent increase from last April, when there were 209. Completed Rhode Island foreclosures fell 32.5 percent from 203 last April to 141 last month.

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