IRVINE, Calif. – Rhode Island had the nation’s 12th highest foreclosure rate last month, up from 31st nationwide for all of last year, with a total of 782 foreclosure actions in January, RealtyTrac Inc. said today in its monthly report. That represented a 181.3-percent increase from December’s total of 278 filings and a 258.72 percent increase from January 2007, RealtyTrac said.
Massachusetts ranked 6th in January, up from 19th for all of 2007, with 7,966 foreclosure filings,. Last month’s total represented an 88.8-percent increase from December’s 4,220 filings across the Bay State and a 186.9 percent increase from January 2007.
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Nevada continues to experience the nation’s highest foreclosure rate – including default notices, auction sale notices and bank repossessions – with 6,087 foreclosure actions during January. California had the second highest rate, followed by Florida. Arizona, Colorado, Georgia, Connecticut, Ohio and Michigan also were among the Top 10.
The total number of U.S. homes facing foreclosure rose 8 percent last month compared with the month before, to 233,001 foreclosure filings reported nationwide, RealtyTrac said. Compared with the same month a year ago, foreclosures were up 57 percent.
“January’s foreclosure numbers demonstrate that foreclosure activity is continuing on its upward trend, substantially increasing from a year ago in many states,” CEO James J. Saccacio said in the company’s January 2008 U.S. Foreclosure Market Report. “However, the eight-percent monthly increase in January is not as precipitous as the nineteen-percent spike we saw in January of 2007.”
Despite the overall rise in foreclosures, some states did see a decrease in foreclosure activity last month, he added.
“It could be that some of the efforts on the part of lenders and the government – both at the state and federal level – are beginning to take effect,” Saccacio said. “The big question is whether those efforts are truly helping homeowners avoid foreclosure in the long term, or if they are just temporarily forestalling the inevitable for many beleaguered borrowers.”
RealtyTrac Inc., based in Irvine, Calif., is a publisher of data and advice for real estate markets nationwide. To learn more, visit www.RealtyTrac.com.
