The downward trend in Rhode Island’s once-pervasive foreclosure crisis appears to be holding steady. 1,182 foreclosure deeds were filed during the fourth quarter of 2015. That’s a drop of nearly 500 foreclosures during the same period in 2014.
The average foreclosure in the state stands at 16 percent. That’s according to the latest report on state foreclosures from HousingWorks RI, the housing policy think-tank at Roger Williams University.
The rate of underwater mortgages also declined, but the report finds the issue remains prevalent in Rhode Island. The Ocean State has the fifth-highest rate of houses worth less than their mortgages in the nation.