Providence has dropped its lawsuit against the bank Santander. The suit filed back in May claimed the bank deliberately limited lending in minority neighborhoods while expanding lending in white ones.
At the time, lawyers called the bank’s lending practices a civil rights issue. Less than six months later, they settled. Santander will make $1.3 million in grants going to the Providence Community Library, arts organization AS220, and a non-profit that will help low-income residents secure a mortgage.
The Rhode Island Association of Realtors says home sales dropped again in August.
The average price for a single family home was $218,ooo, down 3 percent from last year. Condominium sales also slowed, but multi-family homes were a bright spot. Prices have climbed 25 percent from last August. Realtors Association President Robert Martin says foreclosures, and short sales have dropped significantly from a year ago. He says that's likely to drive home prices higher in the long term.
The median price of a house in Rhode Island went up in the first quarter of this year. The latest numbers out of the Rhode Island Association of Realtors find the median price rose 5 percent to $195,000.
Meanwhile, foreclosures and short sales on single family homes dropped by ten percent from the same time last year.
Providence Business News Editor Mark Murphy joins Rhode Island Public Radio's Dave Fallon for a weekly business segment The Bottom Line.
This week Dave and Mark talk with Bruce Lane, president-elect of the Rhode Island Association of Realtors. They discuss rising home prices in the state, the impact this bad winter has had on home sales and how the housing market affects the local economy.
When to Listen
You can hear The Bottom Line each Friday at 5:50pm.
October was another good month for home sales in Rhode Island.
The sale of single family homes in Rhode Island rose 19 percent between October 2012 and October 2013. During the same time frame the median price rose from $200,000 to $204,000. Sales of condos rose 11 percent over the year and the median price is up 17 percent.
Rhode Island Association of Realtors president Robert Martin said growth in the housing market is slow and steady with no negatives.
(PROVIDENCE, RI) Providence Business News Editor Mark Murphy joins Rhode Island Public Radio's Dave Fallon for a weekly business segment we're calling "The Bottom Line." Each Friday it looks at business news and themes that affect local business and the public.