New foreclosed real estate drops
September 9, 2005
Inventory remains high as purchases slow
The number of new foreclosed residential properties nationwide fell between July and August to 24,328 units, according to Foreclosure.com, which tracks residential foreclosures and for-sale-by-owner properties.
According to data released Wednesday, a total of 93,440 foreclosed residential properties were available for sale in the U.S. during August, up 3 percent from the 90,611 foreclosed properties available for sale during July.
"Foreclosure inventory has been steadily increasing since May, representing a slowdown in the purchase of foreclosed homes," said Brad Geisen, president and CEO, Foreclosure.com. "This trend of sustained high inventory presents a strong investment opportunity for buyers, as lenders are challenged with greater holding and disposition costs the longer that they have to hold on to a property."
Texas had the highest number of foreclosed properties for sale in August with 12,920, followed by Ohio (8,192), Michigan (7,422), Georgia (6,798), and Colorado (6,528).
The states with the fewest number of foreclosed properties for sale last month were: District of Columbia (8); Rhode Island (10); Hawaii (12); Vermont (30); and North Dakota (52).
Copyright 2005 Inman News