IRVINE, Calif. – Foreclosure notices were posted for 6,583 Rhode Island properties last year, a 258-percent increase from 2007 and a 1,525-percent increase from 2006, according to data released today by property-data collector RealtyTrac Inc.
A total of 7,334 foreclosure filings – a single property may be involved in multiple filings – were recorded for Ocean State properties in 2008, the company said.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
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Nationally, foreclosure filings increased 81.27 percent year-over-year and 224.80 percent compared with 2006. Foreclosure actions affected about 2.33 million U.S. homes in 2008.
Nationwide, 1.84 percent of homes were involved in foreclosure filings last year. By comparison, about 1.46 percent of Ocean State homes were involved in such filings. That was the 17th-highest rate of any state. It also qualified Rhode Island as the 56th-hardest-hit U.S. metropolitan area, although the state remained far behind worst-hit Stockton, Calif., where 9.46 percent of homes entered foreclosure in 2008.
“Clearly, the foreclosure-prevention programs implemented to date have not had any real success in slowing down this foreclosure tsunami,” RealtyTrac CEO James J. Saccacio said in a statement this morning. “And the recent California law – much like its predecessors in Massachusetts and Maryland – appears to have done little more than delay the inevitable foreclosure proceedings for thousands of homeowners.”
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 at www.ForeclosurePulse.com.
