How The Foreclosure Rate In Rhode Island Compares To The Nation

By Samuel Stebbins, 24/7 Wall St. Providence

August 11, 2022

Demand for single-family homes surged in the past two years, as the coronavirus pandemic prompted people to look for more living space. The increased demand, facilitated by low interest rates and coupled with supply constraints, led to soaring home prices. (These are 15 cities with the most overpriced housing markets.)

But now the U.S. housing market appears to be coming back to earth, with some parts of the country showing early distress signs. Foreclosure filings — a measure of the health of housing markets at local, state, or national levels — are on the rise across the country.

According to Attom, a curator of land and property data, home foreclosure filings – which include default notices, bank repossessions, and scheduled auctions – are up 153% in the first half of 2022 compared to the same period last year.

In Rhode Island, foreclosures rose by 121.4%, from 140 in the first six months of 2021 to 310 in the first half of 2022. The foreclosure rate in the state of one in every 1,560 homes ranks as the 14th lowest in the nation.

According to five-year estimates from the U.S. Census Bureau’s 2020 American Community Survey, 67.9% of homeowners in Rhode Island are paying down a mortgage, the eighth largest share among states.

The typical household in the state has an income of $70,305 a year, and the typical home is worth $276,600. For context, the typical American household’s annual income is $64,994, and the national median home value is $229,800.

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This story was originally published by 24/7 Wall St., a news organization that produces real-time business commentary and data-driven reporting for state and local markets across the country.