Providence, Rhode Island Foreclosures Dropped in Second Quarter

Providence, Rhode Island Foreclosures Dropped in Second QuarterSales of previously foreclosed homes in the Providence-Fall River-New Bedford area dropped 22 percent in the second quarter compared with the same period last year, RealtyTrac said Thursday.

Foreclosed homes made up 5.72 percent of all Providence area sales in the second quarter, down from 7.68 percent in the second quarter of 2011, the Irvine, Calid. Real estate data firm said.

The average sales price of a foreclosed home in the area was $149,000, representing a discount of 35 percent of homes sold outside of the foreclosure process. In the second quarter of last year, the average sale price of a foreclosed property was $156,000 and the discount was 32 percent.

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