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RI foreclosures down 27 percent in first quarter

PROVIDENCE, R.I. (AP) -- A report says foreclosure deed filings in Rhode Island declined 27 percent in the first quarter of the year compared to 2012.

HousingWorks reported that 369 residential foreclosure deeds were filed during the first quarter of the year, compared to 502 last year.

Central Falls and Providence, not including properties on the East Side, had the highest rates of foreclosure. West Warwick and Woonsocket had the next highest.

The report says that as of the fourth quarter of last year, about 23 percent of homeowners were underwater, or owed more on their mortgages than their homes are worth. The group says that's the highest percentage in New England and the 10th highest in the U.S.

HousingWorks is a coalition of 140 organizations that push for affordable housing.