Foreclosure Homes Up 50%

The Mortgage-Pro · Site Admin Joined: 19 Jan 2005 Posts: 2248

The number of new foreclosed residential properties soared 50 percent nationwide in March from the previous month, according to Foreclosure.com, which tracks residential foreclosures and for-sale-by-owner properties.

According to data released today, 28,190 new foreclosed residential properties were listed for sale in the U.S. during March 2005, up from 18,824 in February 2005. The total number of U.S. residential foreclosure properties available for sale in the U.S. during the month of March was 80,757, an increase of 10 percent from February.

"New foreclosure inventory rose in 47 states in March. This signifies a national trend in foreclosure inventory and can likely be attributed to the rise in interest rates during the latter half of 2004, and a slowdown in the trend of rising home values in the fourth quarter of 2004," said Brad Geisen, president and CEO, Foreclosure.com. "Foreclosures are most prevalent in areas of the country where home values are not rising, such as Ohio, Texas, South Carolina and Michigan. However, if the combination of rising interest rates and dropping home values continues, foreclosure inventory will likely continue to rise across the country."

The states that reported the highest number of new foreclosure listings in March included Texas (3,645); Ohio (2,470); Michigan (2,390); Georgia (2,357); and Indiana (1,545).

The states that reported the fewest number of new foreclosure listings in March included Rhode Island (2); Hawaii (3); Vermont (11); Washington, D.C. (12); New Hampshire (16); and Wyoming (20).

Boca Raton, Fla.-based Foreclosure.com has access to a large inventory of residential foreclosure real estate, including Real Estate-Owned (REO) properties; Department of Housing and Urban Development (HUD), Department of Veterans Affairs (VA), Fannie Mae, and other government agency and financial institution properties; as well as listings from an extensive network of corporate sellers.