HOUSING

Providence metro ranked 6th best place to buy foreclosed property

BLOOMBERG FILE PHOTO/JOSHUA LOTT
THE PROVIDENCE - FALL RIVER - NEW BEDFORD area is the sixth best place in the country to buy foreclosed property, according to real estate data firm RealtyTrac.
Posted 7/27/12

PROVIDENCE – The Providence-Fall River-New Bedford area is the sixth best place in the country to buy foreclosed property, behind Boston and Springfield, Mass. and one spot ahead of Worcester, Mass., RealtyTrac said Thursday.

The real estate data firm ranked the top 10 metropolitan areas to buy foreclosures with rising foreclosure sales prices, increased foreclosure starts in the second quarter, high foreclosure discounts over conventional sales and small inventories of bank-owned properties the criteria.

With three Massachusetts cities in the top ten and Bristol County, Mass. included in the Providence area, the second quarter spike in Bay State foreclosures appears to have contributed to the high rankings.

In the second quarter of 2012, foreclosure starts in the Providence area rose 43 percent, the median foreclosure sales price rose 7 percent, there was a 36 percent foreclosure discount and there was a 14.6-month supply of bank-owned homes, RealtyTrac said.

Durham, N.C. ranked first on the list.

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