New foreclosed properties increase in Missouri, fall in Illinois
Missouri saw a 17 percent increase in the number of new foreclosed residential properties in February, according to a monthly survey released Monday by Foreclosure.com of Boca Raton, Fla.
The study showed 528 new foreclosures in February 2005, up from 452 in February 2004. Total residential foreclosed properties available for sale in February reached 2,223, up 34 percent from 1,654 in the same month last year.
Illinois' new foreclosed properties dropped by one to 611 in February 2005 from 612 in February 2004. Total residential foreclosed properties available for sale increased 9.4 percent to 2,401from 2,194.
However, Missouri's February foreclosure numbers were lower than in January 2005, while Illinois' levels were higher.
Brad Geisen, president and chief executive of Foreclosure.com, said foreclosures have leveled off in the first two months of 2005 after a year of heavy growth in inventory levels.
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