HousingWorks RI: State Has Highest Foreclosure Rate in Region
Tuesday, August 31, 2010
Rhode Island leads New England in the number of foreclosures, with more than 1,400 mortgages either in foreclosure or more than 90 days delinquent, according to the annual 2010 Fact Book released today by HousingWorks RI.
The report found that more than 8,000 prime mortgage holders were in or on the verge of foreclosure in the first quarter of 2010, an increase of 41 percent.
Housing is also becoming less affordable for many Rhode Islanders. Today, a two-bedroom apartment costs an average of $1,120, an increase of $350 or 45 percent from rent prices in 2001. Also, in the second quarter of 2010, a family earning the state median income of $55,701 could afford a media-priced single-family home in only 12 of the 39 towns and cities in the state.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe report did bring some positive news. According to the new data, a $50 million housing bond voters approved in 2006 has funded the construction of 828 homes in 28 communities throughout the state, accounting for nearly half the cost of residential construction in Rhode Island between 2007 and 2009. The bond, part of the Building Homes Rhode Island program, has supported nearly 4,600 jobs in Rhode Island and generated $224 in wages.
HousingWorks noted that affordable homes are being constructed with environmentally-friendly technologies and features, helping the “green” economy grow in Rhode Island.
“The 2010 Fact Book suggests that the development and rehabilitation of affordable homes in the Ocean State is helping to grow a greener economy,” said Nellie M. Gorbea, Executive Director of HousingWorks RI. “There is a lot of attention nowadays on the growth of the green economy in our state. Our research shows how incorporating sustainable design into affordable home development is creating a demand for green technologies and supporting job growth in construction and specifically, in the green trades.”
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