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Rhode Island Still Posting Higher Foreclosure Rates

Karen Anne

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Recently, a report has been issued from the National Association of Real Estate Editors where it has been stated that Rhode Island occupies the 21st position for places with the highest rate of foreclosure across the nation.

In the last month, above 500 properties moved into foreclosure here, which means that on an average, among every 1,000 properties, 1.18 properties have moved into foreclosure. The rate of foreclosure seen this year is undoubtedly much better than the rate seen last year. This rate is lower by 21% (approximately) in comparison to 2010, but higher than the rates of all the counties of New England, excluding New Hampshire.

The rate in Vermont is 0.08 which accounts as the minimum rate of foreclosure in the U. S. Some other regions like Connecticut (0.89) and Massachusetts (1.11) have lower rates than Rhode Island. California, Arizona, Nevada, Michigan and Florida are in the top ranks having among the highest rates of foreclosure for October.

At present, the number of foreclosures is not as high as the previous years, but according to this report, the figures seen in October have increased nationwide.

The report stated, “Foreclosure filings were reported on 230,678 U. S. properties in October, a 7 percent increase from the previous month, but still down nearly 31 percent from October 2010, according to the RealtyTrac U. S. Foreclosure Market ReportTM. The report also shows one in every 563 U. S. housing units with a foreclosure filing during the month. ”

Local real estate advocates said that the region is still in a serious situation because this year nearly 9,000 new foreclosure cases came to the courts.

The lawmakers of the state are requesting homeowners to go through the state’s foreclosure-prevention program, Hardest Hit Fund Rhode Island, (commonly known as HFFRI) so they can avoid the foreclosure of their mortgaged properties. Very soon, on 6th January, 2012, HFFRI will hold its meeting at Coventry Town Hall Auditorium, 6 o’clock in the evening to discuss this issue.

Homeowners are being asked to attend that meeting so that they can get details about how the recent changes in this program are helping borrowers avoid foreclosure using a much easier process.

In the latest criteria, all unemployed homeowners who think that they may be eligible to get assistance from the program can directly contact their HHFRI Center. There are many owners who own two or more properties that are also eligible for this aid. The homeowners who have maximum of $15,000 in their savings account can also apply for aid.

Karen Anne, has been working on studying the foreclosures market, helping buyers on the finer points of foreclosures for sale . Try to visit and search foreclosed homes .


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