ECONOMIC INDICATORS

R.I. foreclosure rate drops slightly in June

COURTESY CORELOGIC
THE FORECLOSURE RATE in Rhode Island dropped 0.5 percentage points in June compared to the same period in 2011, CoreLogic said Tuesday.
Posted 7/31/12

PROVIDENCE – The foreclosure rate in Rhode Island dropped 0.5 percentage points in June compared to the same period in 2011, CoreLogic said Tuesday.

Figures released by the Santa Ana, Calif.-based real estate data firm reported Rhode Island’s foreclosure inventory as 2.8 percent during June, a 0.5 percentage point decline from June 2011.

Comparatively, the national foreclosure inventory was 3.4 percent, a 0.1 percentage point decline from June 2011.

In June, there were 60,000 foreclosures in the U.S., a 25 percent drop from the 80,000 foreclosures during the same period last year.

During the 12 months ended June 30, Rhode Islanders completed 3,018 foreclosures. Across the U.S., 793,663 were completed during the same period.

“The decline in the flow of completed foreclosures to pre-financial crisis levels is more welcome news pointing to an emerging housing market recovery,” Anand Nallathambi, president and CEO of CoreLogic, said in a statement. “However, we believe even more can be done to reduce the inventory of foreclosures by decreasing the level of regulatory uncertainty and expanding alternatives to foreclosure.”

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