New foreclosed real estate dips
June 8, 2005
Foreclosure properties on market down 17% in May
The number of foreclosed residential properties listed for sale in May decreased 17 percent from April, an online foreclosure listing service reported.
A total of 22,734 new foreclosed properties went up for sale last month, according to data released today by Foreclosure.com. The total number of U.S. residential foreclosure properties available for sale in May was 74,011, a decrease of nearly 4 percent from March.
Texas had the highest number of foreclosed properties for sale, with 9,130, followed by Ohio with 7,191; Michigan with 6,150; Georgia with 6,118; and Indiana with 4,691.
"Foreclosure inventory in 2005 has reflected the current volatility and geographic variations of the overall housing market," said Brad Geisen, president and CEO of Foreclosure.com. "The tendency for homeowners to enter into adjustable-rate mortgages, no-down-payment loans and other low initial cost loan options has resulted in an atmosphere where slight changes in interest rates or economic conditions have a dramatic effect on ownership."
In areas where the housing market is still strong, homeowners facing foreclosure can still sell their home to pay down the mortgage, he added. But, he said, those areas in the country where the market is either flat or slipping afford homeowners few options to avoid foreclosure.
Copyright 2005 Inman News