Rhode Island’s foreclosure crisis has taken a much higher toll on people of color than on whites, according to a report released Wednesday by the group DARE – Direct Action for Rights and Equality. The report focuses on foreclosures in the capital city, where homeowners have lost tens of millions of dollars in wealth to foreclosed properties.
Between 2006 and 2012 Providence homeowners lost more than 200 million dollars in wealth due to the foreclosure crisis, according to “Wasted Wealth,” a report by the group Direct Action for Rights and Equality.
Rhode Island still has the highest foreclosure rate in New England but the numbers are coming down. According to Housing Works RI, foreclosure filings fell 11 percent in the fourth quarter of 2012. Filings have fallen 36 percent since 2009, when data was first available. The Mortgage Bankers Association says Rhode Island continues to lead New England in foreclosures and is tied for 7th nationwide.
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