PROVIDENCE – In line with a national trend, the number of foreclosure notices in Rhode Island dropped 39.6 percent in November compared with the same month last year, RealtyTrac Inc. said Thursday.
The Irvine, Calif.-based real-estate tracking firm said 396 properties in Rhode Island, or one in every 1,141 homes, received a foreclosure notice in November. The state’s foreclosure rate ranked 35th-highest among the 50 states.
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The number of notices filed in Rhode Island in November also decreased 41.4 percent compared with the previous month, RealtyTrac said.
Nationally, RealtyTrac said one in every 492 homes received a foreclosure notice in November, down 14.4 percent from a year earlier and 21 percent from October 2010.
“Foreclosure activity decreased dramatically in November, with fewer than 300,000 properties receiving a foreclosure notice for the first time since February 2009,” said James J. Saccacio, CEO of RealtyTrac. “While part of the decrease can be attributed to a seasonal drop of 7 to 10 percent that typically occurs in November, fallout from the foreclosure robo-signing controversy forced lenders and servicers to hit the pause button on many foreclosures while they scrambled to revamp their internal procedures and revise or resubmit questionable paperwork.”
Earlier this month, Bank of America – the country’s largest bank – announced it was lifting a temporary moratorium on foreclosures it implemented in October after questions about its paperwork process.
The banked added that from Dec. 20 through Jan. 2, it would observe a holiday suspension of foreclosure sales and evictions.
Nevada’s foreclosure rate remained highest among the states for the 47th month in a row. One in every 99 housing units there received a foreclosure filing during the month – almost five times the national average. Other hard-hit states were Arizona, California and Utah.
Additional information is available at realtytrac.com.
