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Real estate foreclosures drop
But default activity remains high in South
Tuesday, March 08, 2005
Inman News 
The number of new foreclosed residential properties sank 7
percent nationwide in February from the previous month, according to
Foreclosure.com, which tracks residential
foreclosures and for-sale-by-owner properties.
According to data released on Monday, 18,824 new foreclosed
residential properties were listed for sale in the United States
during February 2005, down from 20,279 reported in January. The
total number of U.S. residential foreclosure properties available
for sale during the month of February was 72,877, also down 7
percent from 78,694 reported in January.
"Following a year of heavy growth in foreclosure inventory levels
in many parts of the county, foreclosures have leveled off in the
first two months of 2005. The 7 percent drop in both new and total
foreclosures in February can largely be attributed to the short
month," said Brad Geisen, president and CEO, Foreclosure.com. "Many
states with historically high inventories, such as Texas, South
Carolina, Pennsylvania, Missouri and Florida, saw a higher than
average decline in February. As a result of this decline,
prospective home buyers should track new foreclosures on a daily
basis in order to identify strong property investment opportunities
as soon as they arise."
The states that reported the highest number of new foreclosure
listings in February included Texas (2,449); Georgia (1,632); Ohio
(1,577); Michigan (1,163); and Indiana (1,071).
The states that reported the fewest number of new foreclosure
listings in February included Rhode Island (3); Hawaii (4); Vermont
(4); Washington, D.C. (5); and Alaska (9).
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.
***
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