IRVINE, Calif. – The number of foreclosures in Rhode Island fell 7.95 percent in the first half of 2009 compared with the same 2008 months.
In the first half of 2009, RealtyTrac, a California-based tracker of real estate data, recorded 3,172 foreclosures in Rhode Island. While Rhode Island’s foreclosures fell, foreclosures rose nationally by 14.66 percent.
“In spite of the industry-wide moratorium earlier this year, along with local, state and national legislative action and increased levels of loan modification activity, foreclosure activity continues to decrease to record levels,” RealtyTrac CEO James J. Saccocio said in a statement. “Unemployment-related foreclosures account for much of this increased activity and the high number of borrowers who find themselves owing more on their mortgages than their homes are now worth represent a potentially significant future risk. Stemming the tide of foreclosures is a critical component to stabilizing the housing market, so it is imperative that the lending industry and the government work in tandem to find new approaches to address this issue.”
Foreclosures hit 0.7 percent of Rhode Island homes, a lesser percentage than the 1.19 percent national average.
RealtyTrac Inc. is a publisher of data and advice for real estate markets nationwide. To learn more, visit www.RealtyTrac.com.
