Projo Biz Blog

Rhode Island ranked 6th highest nationally for the rate of new homes entering foreclosure during the second quarter, according to a report released today by the Mortgage Bankers Association in Washington.

About 1.22 percent of the estimated 140,232 home mortgages in Rhode Island during April, May and June_ roughly 1,700 mortgages_ began the process of foreclosure, the report said.

The national average foreclosure rate was 1.19 percent, after seasonal adjustment. It marked the first time in the survey's 20 years that the rate had risen above 1 percent.

Rhode Island is one of eight states where the rate of homes entering foreclosure during the second quarter climbed above the national average, the report said.

The seven other states are Nevada, Florida, California, Arizona, Michigan and Indiana.

Florida had the highest rate, with 2.21 percent of new home loans entering foreclosure during the second quarter.

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