New Foreclosures in U.S. Rise, Total Inventory Remains Stable During October
November 9, 2005
BOCA RATON, Fla., /PRNewswire/ -- According to data released by Foreclosure.com, 87,794 foreclosed residential properties were available for sale in the United States during October -- almost unchanged from September. The total number of new foreclosures listed for sale in October -- 21,998 -- increased eight percent from September.
The re-listing of available U.S. Housing and Urban Development (HUD)-owned properties in Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, Oklahoma, South Carolina, Tennessee and Texas, resulted in the increase of new foreclosures in October. By September 29, HUD identified all the properties it would set aside for the victims of the storm and started re- listing inventory on October 6. For the remaining areas of the country, there was less than a one percent increase in new foreclosures from September to October.
"Foreclosure levels in the U.S. remain low compared to the beginning of this year," said Brad Geisen, president and CEO, Foreclosure.com. "While there are still pockets of increasing inventory in the Midwest and Northwest, foreclosure levels in most of the country have remained flat during the past six months."
Foreclosure Inventory in South Remains Affected by Hurricanes Some states in the southern region of the United States such as Florida, Georgia, Mississippi, Oklahoma, Tennessee and Texas, showed a significant rise in the amount of new foreclosure listings in October. However, the total foreclosure inventory in these states stayed flat or decreased from September to October. Foreclosure inventory in these states remains below pre-hurricane levels. In Louisiana and Alabama, foreclosure inventory remains very low because of the federally mandated moratorium on new foreclosures in disaster areas.
"Foreclosure inventory in the south will be affected by the hurricanes for at least the remainder of the year as the government continues its relief efforts and displaced residents continue to move back into the area," said Geisen. "We anticipate a higher than normal buyer demand for foreclosed properties in the south, which will keep the total inventory levels low until the end of the moratorium period."
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