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Multifamily home prices decreasing in Providence
08:46 AM EDT on Wednesday, May 14, 2008
The sharp rise in foreclosure sales in the state is dragging down the price of double- and triple-decker houses, particularly in Providence.
The median price of a multifamily house in Rhode Island during the first quarter declined about 39 percent, to $161,000, compared with $263,000 a year earlier. More than half the 261 multifamily houses sold during the quarter were bank-owned foreclosure sales, according to the Rhode Island Association of Realtors.
Most of the foreclosure sales were in Providence, where the median price of a multifamily house during the quarter fell 46.4 percent, to $129,900, compared with $242,500 a year earlier.
Prices of multifamily houses during the quarter fell in every city and town except for nine sales in five different communities: Middletown, Barrington, Bristol, Westerly and South Kingstown.
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