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April 18, 2008

Study: Foreclosure rate here to be slightly above average

A study by the Pew Charitable Trusts released this week projects that an average of one in 31 homeowners in Rhode Island who took out high-cost mortgages during the real-estate boom will lose their homes to foreclosure, most of them by the end of next year.

Rhode Island’s projected foreclosure rate exceeds the national average of 1 in 33 homeowners, and is higher than any other New England state, according to the study, “Defaulting on the Dream: States Respond to America’s Foreclosure Crisis.’’

Massachusetts’ projected foreclosure rate is forecast at 1 in 48 homeowners. The state with highest projected foreclosure rate — 1 in 11 homeowners— is Nevada.

The projections are for 2007-2011, but the foreclosure are expected “primarily” to occur this year and next year, the study said, when rates on the loans are set to adjust upwards. (The forecasts are for “actual homes lost,” not late payments or foreclosures started but not completed.)

Posted by Peter Phipps  at 4:05 PM | Permalink

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