Some Better Numbers on Foreclosures

Foreclosure notices filed in Rhode Island during January were almost 13 percent lower when compared with a year earlier. In a report by RealtyTrac, 643 homes in Rhode Island received a foreclosure notice in January filings representing a number 5% lower than December 2009. Nationally, one in every 409 homes received a foreclosure notice in January, up 15 percent from a year earlier but down 10 percent from December, RealtyTrac said. According to RealtyTrac Chief Executive James J. Saccacio, January’s  numbers are   very similar to a year ago – a double-digit jump in December followed by a 10 percent drop in January.  “If history repeats itself we will see a surge in the numbers over the next few months as lenders foreclose on delinquent loans where neither the existing loan modification programs or the new short sale and deed-in-lieu of foreclosure alternatives work,” he said. The year-end statistics for Rhode Island were promising. Overall foreclosure filings in Rhode Island decreased 23 percent in 2009 compared to 2008. Rhode Island still has one of the highest unemployment rates in the country, but it does seem to be bucking the trends for foreclosure filings. Nationally,   the state accounted for less than 1 percent of the foreclosure filings reported nationwide in 2009 and  total U.S. activity increased more than 21 percent over the level reported for all of 2008.