Texas, Ohio top nation in real estate foreclosures

February 8, 2005

U.S. foreclosed property inventory drops 41 percent in January

Inman News

The number of new foreclosed residential properties dropped 41 percent nationwide from December to January, while the number of new foreclosures remained dipped slightly, according to Foreclosure.com, which tracks residential foreclosures and fore-sale-by-owner properties.

According to data released today, 20,279 new foreclosed residential properties were listed for sale during January 2005, and the total number of residential foreclosure properties available for sale in the U.S. during the month of January was 78,694. The total U.S. foreclosure inventory slipped 6 percent from December to January.

"A reduction in the number of new foreclosures is common at the beginning of a new year, resulting from properties not being processed as quickly during the holiday season," said Brad Geisen, president and CEO for Foreclosure.com. "The more striking number is January's total inventory level, which remained very high despite the drop in new foreclosures."

He added, "In Texas, for example, new foreclosure inventory dropped by 2,320 properties compared to December -- nearly a 50 percent reduction. On the other hand, total inventory only dropped by 553 properties to 9,375. This means that foreclosed properties are not selling as fast and indicates a very strong buyer's market."

Texas led all states in its total number of foreclosed properties for sale, and total new foreclosures in January. Ohio was second on the list in both categories, with 6,857 total foreclosed properties and 1,606 new foreclosures. Georgia was third with 5,782 total foreclosed properties and 1,533 new foreclosures; Michigan had 5,622 total foreclosed properties and 1,209 foreclosures; North Carolina had 4,796 total properties and 1,077 new foreclosures; and Indiana had 4,317 total properties and 877 new foreclosures.

Foreclosure.com has access to including real-estate owned (REO) properties; Department of Housing and Urban Development, Department of Veterans Affairs, Fannie Mae, and other government agency and financial institution properties; and listings from an extensive network of corporate sellers.

Copyright 2005 Inman News

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