This post was contributed by a community member. The views expressed here are the author's own.

Health & Fitness

Q1 2013 Foreclosures in Rhode Island - Coventry

A Q1 2013 Foreclosure Report released today shows there were 24 residential foreclosure deeds filed in Coventry during the first quarter of 2013, representing a 33 percent increase from Q1 2012.

June 20, 2013 – HousingWorks RI today released its analysis of foreclosures in Rhode Island for Q1 2013. The report looks at the number of residential foreclosures in each of Rhode Island’s 39 cities and towns and offers regional comparisons.

Quick Glance Findings:

·      Q1 2013 saw a 26.5 percent drop in the number of residential foreclosure deeds filed in Rhode Island compared to Q1 2012.

Find out what's happening in Coventrywith free, real-time updates from Patch.

·      369 residential foreclosure deeds were filed in Rhode Island during Q1 2013 compared to 502 in Q1 2012.

·     There were 24 residential foreclosure deeds filed in Coventry during the first quarter of 2013, representing a 33 percent increase from Q1 2012.

Find out what's happening in Coventrywith free, real-time updates from Patch.

“Coventry is one of seven Rhode Island municipalities to experience an increase in residential foreclosure deeds in Q1 2013 compared to Q1 2012,” said Jessica Cigna, research and policy associate for HousingWorks RI. “With a rate of 0.3 percent, Coventry is above the state foreclosure rate of 0.2 percent.”

HousingWorks RI’s analysis of the latest Core Logic data shows 23.4 percent of Rhode Island homeowners have negative equity in their home, meaning that they owe more on their mortgages than the value of their home. This is the highest percentage in New England and ranks Rhode Island tenth in the nation for share of ‘underwater’ mortgages.

“We’re encouraged by the decline in number of residential foreclosure deeds filed in Rhode Island last quarter, but the state continues to see the lasting effects of these foreclosures on our housing market” Cigna said. “Policymakers must recognize the importance of housing to our state’s economy and develop strategies that will ensure housing affordability over the long-term. This will reduce our state’s vulnerability to these losses in the future.”

The Quarterly Report on Foreclosures in RI is made possible with a grant from Attorney General Peter F. Kilmartin as part of the National Mortgage Settlement, as well as support from Rhode Island Housing.

The report is available for download at: www.HousingWorksRI.org

About HousingWorks RI
HousingWorks RI is a coalition working to ensure that all Rhode Islanders have a quality, affordable home – an essential component of our state’s economy.  HousingWorks RI taps the talents, experience, information, influence, networks, and energies of more than 140 member organizations, institutions, corporations, agencies, and advocates. HousingWorks RI members include banks, builders, chambers of commerce, colleges, community-based agencies and advocates, faith groups, manufacturers, preservationists, realtors, municipal officials, and unions.

HousingWorks RI’s vision is a state with communities that embrace a variety of housing choices so Rhode Islanders, regardless of income, can live in quality, affordable homes in vibrant and thriving neighborhoods.  

 

# # #

We’ve removed the ability to reply as we work to make improvements. Learn more here

The views expressed in this post are the author's own. Want to post on Patch?