Foreclosure in the state of Rhode Island is comparatively low when you look at the state’s unemployment levels you have to wonder why. In the month of December the unemployment rate was over 10 recent and the foreclosure rate was only 0.189 percent for the same period, which is 851 new homes in the entire month of December.
Not bad news for the folks in the state as opposed to some of the neighboring states who are in very higher percentage brackets for the same period. The national average is about twice that so they are actually doing fairly well in this bad time.
Even though the percentage is about twice as high as it was here last year, the rates have held pretty much steady since the start of the problems with the mortgages. The experts agree that the state of Rhode Island is going to stay fairly close to level at the current rate for the near future and as long as there are not any other major catastrophes that surface, things here should be pretty much stabile in the foreclosure arena.
A good portion of the land and homes in the state of Rhode Island are family owned and have been in the same name for generations so it is unlikely that there will be any huge increase in the foreclosure numbers because a vast majority of homes here are paid for and there is no mortgage to default on so there is little to no chance of it falling into the system unless an unforeseen problem should arise which would force a family to put a house up for mortgage in exchange for cash, like a medical emergency.
Overall this is good news for the state considering that some of the states on the east coast are in bad trouble and projected to be worse.
