Rhode Island foreclosures down 52 percent

By The Associated Press


PROVIDENCE, R.I. (AP) _ Rhode Island home foreclosures are down 52 percent from last year.

A report by HousingWorks RI at Roger Williams University says 184 foreclosure deeds were filed in the state in the third quarter of 2015, compared to 382 in the same quarter last year.

The rate of seriously delinquent home loans also declined to 4.96 percent, but the rate is still fifth highest in the nation.

Jessica Cigna, policy director for HousingWorks RI, says the decline in residential foreclosures is encouraging. She cautions that many Rhode Island home owners are still burdened by delinquent home loans and “underwater” mortgages that have balances higher than the value of their homes.

About 12 percent of loans are underwater, down from a year ago but the fourth highest rate in the country.

© The Associated Press WLNE-TV  2015