Updated April 20 at 9:53pm

R.I. foreclosures drop 10% in 2013

Rhode Island saw 1,468 foreclosures for single-family and multifamily homes in 2013, a 10.2 percent decline from 1,634 foreclosures the previous year, affordable homes coalition HousingWorks RI reported Friday. Overall, 22 Rhode Island cities and towns saw foreclosures decline last year, while 12 municipalities and Providence’s East Side saw foreclosures increase and five saw no change. More

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R.I. foreclosures drop 10% in 2013

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PROVIDENCE – Rhode Island saw 1,468 foreclosures for single-family and multifamily homes in 2013, a 10.2 percent decline from 1,634 foreclosures the previous year, affordable homes coalition HousingWorks RI reported Friday.

The state average for the percentage of mortgaged stock attributable to foreclosures was 0.8 percent in 2013, down from 0.9 percent a year earlier.

Ten municipalities reported rates higher than the Rhode Island average, including Woonsocket (2.16 percent); Providence (1.99 percent) excluding the East Side; West Warwick and Pawtucket (each with 1.47 percent); Central Falls (1.07 percent); Burrillville, Johnston and Coventry (each with 1.05 percent); Warwick (0.93 percent) and North Providence (0.89 percent).

Overall, 22 Rhode Island cities and towns saw foreclosures decline last year, while 12 municipalities and Providence’s East Side saw foreclosures increase and five saw no change.

New Shoreham, Little Compton and Jamestown each reported no foreclosures during 2013. Barrington (0.13 percent), Narragansett (0.21 percent) and South Kingstown (0.23 percent) had the lowest foreclosure rates in the state.

“Despite the overall decline in actual residential foreclosures, persistent unemployment and high housing cost burdens leave many homeowners still vulnerable to foreclosure,” stated the HousingWorks report. “Income loss due to unemployment leaves homeowners at a disadvantage when trying to cover their basic housing costs. Across Rhode Island, higher rates of unemployment correlate to higher housing cost burdens.”

National Mortgage Settlement, Rhode Island Housing, HousingWorks RI, Rhode Island foreclosures, Rhode Island housing cost burden, Rhode Island seriously delinquent loans, Nicole Lagace,
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