Foreclosures Up 19 Percent

Friday, May 14, 2010

Cheryl Phillips, GoLocalProv Real Estate Correspondent

One in every 525 homes in Rhode Island received a foreclosure notice in April 2010, an increase of 19% from March. Realtytrac.com recently released April's foreclosure statistics that placed Rhode Island as the 19th-highest in foreclosures among the 50 states.

A total of 861 properties in Rhode Island were under foreclosure in April, with 76% at auction status and the remaining 24% bank owned.

What's the breakdown by county in Rhode Island for the month of April? Providence County led the pack with the most foreclosures (577), while Bristol County had the fewest (26).

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Comments:

Cristiana Quinn

10:26am on Friday, May 14, 2010

Given that RI has the 2nd highest unemployment rate in the country, I would say that being 19th in foreclosures is (sadly) quite good. Until we solve the issue of unemployment (and underemployment) in RI, we can't expect people to be able to pay their mortgages!

Cheryl phillips

5:48pm on Friday, May 14, 2010

Cristina -- I agree, it's actually surprising it wasn't closer to the top! It's amazing that it's only 1 in 525 homes. It's going to be interesting to see what transpires for the month of May.

jackie connolly

9:43am on Sunday, June 06, 2010

Well I hope more distressed home owner take advantage of the new shortsale options being offered by several banks and avoid the forclosure. It is much easier to rebuild your credit with a shortsale that shows up as paid in full on your credit than a forclosure. Forclosure doesn't benefit anyone but the investors waiting in the wings to grab these distressed properties for pennies on the dollar.

Robert Alvarez

7:24pm on Thursday, June 17, 2010

287 Homes receiving foreclosure notices is still WAY to high. So many people may be able to save their home but they have no idea how. My wife and I tried to modify our loan after I lost my job last may only to be denied after 5 grueling months of dealing with our lender. Our house went into foreclosure and I thought that there was nothing we could do until my friend referred me to a law firm here in Providence and they were able to get me on a forbearance for 3 months at a payment that was $900.00 less per month that my original mortgage and after the three month trial period they got my permanent modification complete and we now pay $992.00 less per month. My wife and I decided that we wanted to help people the way that the law firm helped us and thats how our company http://www.savemyhousellc.net was born. We work directly with the law firm that saved our home. Visit our site or email us at info@savemyhousellc.net - Rob