IRVINE, Calif. – Home foreclosure activity in Rhode Island climbed last month in tandem with national trends, although they remained well below national averages, according to RealtyTrac Inc. data released today.
For March, 300 notice of trustee sales were reported in the Ocean State, while 333 real estate owned (REO) properties were foreclosed or re-purchased by a bank, for a total increase in foreclosure activity of 59.05 percent over March 2008 and 54.77 percent over February 2009.
“In the month of March we saw a record level of [national] foreclosure activity,” said James J. Saccacio, chief executive officer of RealtyTrac, in a statement accompanying the release of the data. “The number of households that received a foreclosure filing was more than 12 percent higher than the next highest month on record. … It suggests that many lenders and servicers were holding off on executing foreclosures due to industry moratoria and legislative delays,” he said, adding that he expected the pace of foreclosure activity to increase in the coming months.
The change for the month stood in contrast to February’s figures, which had showed declines of 45.10 percent compared with January 2009 and 8.30 percent with February 2008. (READ MORE)
On the other hand, Massachusetts saw a decrease in foreclosure activity in March, with 2,672 default notices, auction notices and REOs, which represented decreases of 9.12 percent compared with February and 52.05 percent compared with March 2008.
For the month, Massachusetts ranked 31st in the nation for foreclosure filings, while Rhode Island ranked 22nd.
RealtyTrac also reported numbers for the first quarter of 2009, showing Rhode Island ranking 18th in the nation, with one of every 264 housing units being the subject of a foreclosure action; Massachusetts saw one of every 332 housing units affected by foreclosure, ranking it 27th in the nation. The national rate stood at one in every 159 housing units, with the most seriously affected states being Nevada, where one in every 27 housing units was subject to a foreclosure action, Arizona, at one in every 54 housing units, and California, at one in every 58 homes. Rounding out the top 10, in order, were Florida, Illinois, Michigan, Georgia, Idaho, Utah and Oregon.
RealtyTrac Inc. is a publisher of data and advice for real estate markets nationwide. To learn more, go to www.RealtyTrac.com or visit the company’s distressed-property blog atwww.ForeclosurePulse.com.
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