Report: RI foreclosure rate drops, bucks national trend
1:03 PM Thu, Oct 15, 2009 | Permalink
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By Christine Dunn PROVIDENCE, R.I. -- Rhode Island experienced a decline in its foreclosure rate in the third quarter of 2009, bucking the national trend, according to the third-quarter Foreclosure Market Report from RealtyTrac of Irvine, Calif. RealtyTrac operates on online marketplace for foreclosed properties and sells foreclosure data online. Although RealtyTrac reported a national foreclosure rate increase of nearly 23 percent for the third quarter, when compared to the third quarter of 2008, Rhode Island had a 2.75 percent decrease in its foreclosure rate in the same period. Nationally, the foreclosure rate was up 5 percent from the previous quarter, but in Rhode Island, the rate dropped 6.33 percent from the second quarter, according to RealtyTrac. RealtyTrac said that 1 in every 136 housing units in the U.S. received a foreclosure filing during the third quarter of 2009, which it said was the highest quarterly foreclosure rate since the firm began issuing its report in the first quarter of 2005. Six states -- California, Florida, Arizona, Nevada, Illinois and Michigan -- accounted for 62 percent of the nation's total foreclosure filings. RealtyTrac reported that in Rhode Island, 1 in 290 housing units received a foreclosure filing in the third quarter.
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Maybe because there's nothing left to foreclose on!
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