Rhode Island Sees Foreclosure Rate Triple Within Year
May 14th, 2008 by 
Joseph Smith
With just over 1,050 homes in some stage of the foreclosure process during the first three months of the year, Rhode Island’s relatively small market is flooded with foreclosure properties. Many blame the fact that homeowners who get into trouble with defaults now cannot sell or refinance their homes for anything close to what they originally paid for it due to sinking property values. Home values have been falling steadily each month for over a year now, and are expected to continue to do so well into 2008, which will only make it harder for homeowners and contribute to rising foreclosures.
Rhode Island is a small state, but has a lot of great opportunities for real estate investment, especially along its miles of coastline, which attracted many investors during the housing boom. Buying through the foreclosure market now could be an excellent way to get into this market for a great value, if you can get a loan that will have low payments and allow you to hang on to a property for long enough until the market rebounds. Or, if you’ve always dreamed of living here, buying a foreclosure could be the best way to finally be able to get that home you’ve dreamed of for an excellent low price, below even currently rock bottom market values.
