HousingWorks RI at RWU Report: Foreclosures in Rhode Island Q3 2015

• 184 residential foreclosure deeds were filed in Rhode Island during Q3 2015 compared to 382 in the same quarter of 2014, a 52 percent decline.
• For the first three quarters of 2015, there were 905 residential foreclosure deeds filed in Rhode Island, a decrease of 27 percent from the same three-quarter period in 2014.
• Locally, nine municipalities and the East Side of Providence reported increases in foreclosure deeds filed in the first three quarters of 2015 when compared to the same time period in 2014. Twenty-nine municipalities reported decreases and one reported no change.
• The percent of seriously delinquent loans in Rhode Island continued its decline to 4.96 percent in Q3 of 2015, but is still ranked second highest of all New England states and fifth in the nation. The national seriously delinquent loan rate is 3.57 percent.

“It is encouraging to see the state rate of residential foreclosures continue to decline,” said Jessica Cigna, research and policy director for HousingWorks RI at Roger Williams University. “This is tempered, however, by the number of homeowner households that are still burdened by housing costs.”

Another cautionary statistic, according to Cigna, is Rhode Island’s high percentage of “underwater” mortgages, those with balances higher than home value. Rhode Island’s statewide percentage of underwater loans, at 12.3 percent was the fourth highest in the country in Q3 2015, as reported by CoreLogic. “The high percentage, while down 2.5 percentage points from a year ago, shows that Rhode Island’s housing economy still faces substantial challenges, especially when this statistic is looked at in combination with the percentage of seriously delinquent loans,” Cigna said.

The Quarterly Report on Foreclosures in RI is made possible with support from Rhode Island Housing.

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

About HousingWorks RI

HousingWorks RI is a program of Roger Williams University. HousingWorks RI at Roger Williams University is an authoritative source of information about housing in Rhode Island. We conduct research and analyze data to inform public policy. We develop communications strategies and promote dialogue about the relationship between housing and the state’s economic future.

HousingWorks RI envisions a Rhode Island in which communities embrace a variety of housing choices so that residents, regardless of income, can live in healthy, quality homes in vibrant and thriving neighborhoods.