Foreclosures In Smithfield Rose Four Percent In 2012

As the housing crisis begins to wind down in the Ocean State, Smithfield has seen a slight uptick in the number of foreclosures.

The numbers come from a report from Housing Works RI, a coalition of more than 140 organizations (banks, builders, colleges, community-based agencies and advocates, faith groups, manufacturers, municipal officials and unions) to ensure that all Rhode Islanders have a quality home. 

According to the organization's report, "Foreclosures in RI," Smithfield has had 103 foreclosures between 2009 and 2012. The town started off the crisis with 29 foreclosures in 2009, 23 in 2010, 25 in 2011 and finally 26 in 2012. 

From January 2009 through December 2012, 8,445 residential foreclosure deeds were filed throughout RI. That's 4.58 percent of Rhode Island’s mortgaged housing stock. In 2012, 0.9 percent of the state’s mortgaged housing stock was foreclosed on, down from 1.13 percent in 2011. 

While RI Housing provides counseling help for people facing foreclosure, the organization announced it is no longer providing financial assistance through its Hardest Hit fund, which was projected to commit its entire $79 million in funding by Jan. 31. 

Despite the state decline in foreclosures, persistent unemployment and high housing costs still leave many homeowners vulnerable to foreclosure, according to the Housing Works RI report. Rhode Island continues to lead New England and is tied for 7th nationwide for the number of foreclosure starts.

Golocalprov.com reports Housing Works RI is calling on state policy makers to work to lower housing costs to mitigate the problem.