Projo Biz Blog

PROVIDENCE, R.I. (AP) -- Sales of foreclosed property have increased to almost 20 percent of Rhode Island home sales this year, much more than other New England states.

A report released Thursday by Boston-based real estate consulting firm The Warren Group says bank-owned properties represented only about 6 percent of single-family home sales during the January-through-May period last year.

Timothy M. Warren Jr., the firm's CEO, says 2009 distressed home sales tallied almost 8 percent in Massachusetts and 6 percent in Connecticut.

Rhode Island single-family home sales in May fell about 6 percent compared with May 2008, and the median price dropped by almost a quarter, according to The Warren Group. Figures released last month by the Rhode Island Association of Realtors showed a 2.2 percent increase in sales and a 24.8 percent drop in median price.

The report says monthly home prices have been decreasing by double-digit percentages year-over-year since June 2008.

 Tags  home sales

---