Providence, RI Foreclosure Listings and Properties

Inviting Options in Renaissance City

Providence newspapers have advertised about 645 foreclosure listings and properties that are set up for auction in the coming days. These properties have the median listed price of a low $180,317 only. Moreover, there are 913 other FSBO homes also figuring in the Providence property auctions, at the median quoted price of $180,000. Banks account for most of the foreclosed properties in Providence; and HUD, VA, Sheriff, Freddie Mac and Fannie Mae are responsible for having seized the rest of the houses. It is surprising that the foreclosed homes are being sold at a median price that is actually higher than that of the other houses at market prices. This flies in the face of the general trend manifest in most US cities, where the seized homes go for substantial discounts over the usual market rates.

Providence is the most populated city as well as the capital of the US state of Rhode Island. It is situated in Providence County. The Providence MSA {metropolitan statistical area} is the 36th largest MSA in the US. It is interesting that the population of the Providence MSA surpasses the population of Rhode Island by over 60 percent, since the MSA extends into large chunks of southern Massachusetts.

Providence was among the earliest cities to have been founded in the US, having been established in 1636 by Roger Williams. The latter had named the city “God’s Merciful Providence”, rather a mouthful! In the days of yore, the city was famed for its jewelry industry and bore the nickname “the Beehive of Industry”. Lately, Providence has become more identified with higher education and medical services, along with the new sobriquet of “the Renaissance City”.

Providence is located in the vicinity of the cities and towns of Woonsocket, Scituate, Burrillville, Smithfield, Cranston, Pawtucket, Cumberland, North Smithfield, East Providence, Lincoln, Foster and Johnston. Villages in the neighborhood of Providence include Waterford, Harrisville, Greenville, Pascoag, Union Village, Cumberland Hill, Slatersville, Valley Falls, Primrose, Branch Village and Forestdale.

Latest Data on Foreclosure Auctions

If you want the latest data pertaining to the Providence real estate listings auctions, the newspapers should be your first source of information. The auctioneers are legally mandated to advertise their properties on sale at least thrice before the auction. Furthermore, the first such advertisement must get printed at least 20 days prior to the proposed date of the auction. The internet is emerging as the most popular means by which buyers seek to learn the details of the homes set for auction through the foreclosure auctions in a city. Indeed, the National Association of Realtors asserts that over 80 percent of the prospective homebuyers these days regularly surf the net to quench their need for the latest foreclosure auctions updates in their respective cities.

Providence property auctions would lose their luster without the dynamic facilitating role played by the city’s property brokers. There are hordes of real estate agents in Providence, and Ben Cerilli, Sheldon Rodman, Joseph Di Battista and Michael Giuttari are among the prominent ones. Agents guide buyers to choose homes that best meet their individual requirements. They also intimate sellers of buyers who might be interested in their houses on sale. The agents serve as the critical catalyst to the actual occurrence of property transactions.

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