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R.I. foreclosure inventory unchanged in April

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IRVINE, Calif. – The foreclosure inventory in Rhode Island was unchanged from April 2012 to April 2013 at 3.2 percent, CoreLogic reported Wednesday. This means that 3.2 percent of all homes with a mortgage in Rhode Island were in one aspect of the foreclosure process.

From May 2012 to April 2013, there were 1,582 completed foreclosures in the Ocean State. The number of mortgages per completed foreclosure was 80, the real estate data tracking firm reported.

Completed foreclosures are considered an indication of the total number of homes actually lost to foreclosure.

Comparatively, the foreclosure inventory in Massachusetts dropped 0.2 percentage points year over year in April to 1.9 percent.

For the 12 months ended April 2013, 4,454 foreclosures were completed in the Bay State. There were 189 mortgages per completed foreclosure during that period.

Roughly 1.1 million homes, or 2.8 percent of all homes with a mortgage, were in the national foreclosure inventory as of April 2013. This is a decline of 24 percent from the 1.5 million reported in April 2012.

Nationally, there were 723,131 completed foreclosures during the 12 months ended April

“The shadow inventory continued to drop in April as the number of completed foreclosures fell by 16 percent on a year-over-year basis,” Anand Nallathambi, president and CEO of CoreLogic, asid in a statement. “Fewer distressed properties combined with improving home prices and a pickup in home purchases are significant signals that the ongoing recovery in the housing and mortgage markets continues to gather steam.”

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