Texas, Ohio top nation in real estate foreclosures
U.S. foreclosed property inventory drops 41 percent in
January
Monday, February 07, 2005
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.
Alaska--Total
Properties: 46; new foreclosures: 12
Alabama--Total
Properties: 1786; new foreclosures: 510
Arkansas--Total
Properties: 879; new foreclosures: 198
Arizona--Total
Properties: 718; new foreclosures: 223
California--Total
Properties: 121; new foreclosures: 35
Colorado--Total
Properties: 2576; new foreclosures: 666
Connecticut--Total
Properties: 224; new foreclosures: 48
District of
Columbia--Total Properties: 24; new foreclosures: 16
Delaware--Total
Properties: 92; new foreclosures: 41
Florida--Total
Properties: 1587; new foreclosures: 608
Georgia--Total
Properties: 5782; new foreclosures: 1533
Hawaii--Total
Properties: 12; new foreclosures: 5
Iowa--Total
Properties: 938; new foreclosures: 195
Idaho--Total
Properties: 552; new foreclosures: 149
Illinois--Total
Properties: 2369; new foreclosures: 570
Indiana--Total
Properties: 4317; new foreclosures: 877
Kansas--Total
Properties: 1095; new foreclosures: 233
Kentucky--Total
Properties: 1451; new foreclosures: 354
Louisiana--Total
Properties: 1172; new foreclosures: 344
Massachusetts--Total
Properties: 130; new foreclosures: 34
Maryland--Total
Properties: 680; new foreclosures: 299
Maine--Total
Properties: 133; new foreclosures: 25
Michigan--Total
Properties: 5622; new foreclosures: 1209
Minnesota--Total
Properties: 744; new foreclosures: 176
Missouri--Total
Properties: 2518; new foreclosures: 673
Mississippi--Total
Properties: 1146; new foreclosures: 323
Montana--Total
Properties: 161; new foreclosures: 27
North Carolina--Total
Properties: 4796; new foreclosures: 1077
North Dakota--Total
Properties: 73; new foreclosures: 14
Nebraska--Total
Properties: 483; new foreclosures: 105
New Hampshire--Total
Properties: 41; new foreclosures: 13
New jersey--Total
Properties: 470; new foreclosures: 180
New Mexico--Total
Properties: 690; new foreclosures: 182
Nevada--Total
Properties: 198; new foreclosures: 67
New York--Total
Properties: 2203; new foreclosures: 689
Ohio--Total
Properties: 6857; new foreclosures: 1606
Oklahoma--Total
Properties: 1600; new foreclosures: 445
Oregon--Total
Properties: 681; new foreclosures: 181
Pennsylvania--Total
Properties: 3503; new foreclosures: 904
Rhode island--Total
Properties: 4; new foreclosures: 1
South Carolina--Total
Properties: 2765; new foreclosures: 621
South Dakota--Total
Properties: 87; new foreclosures: 25
Tennessee--Total
Properties: 3300; new foreclosures: 815
Texas--Total
Properties: 9375; new foreclosures: 2769
Utah--Total
Properties: 1077; new foreclosures: 288
Virginia--Total
Properties: 755; new foreclosures: 203
Vermont--Total
Properties: 29; new foreclosures: 6
Washington--Total
Properties: 1320; new foreclosures: 366
Wisconsin--Total
Properties: 997; new foreclosures: 231
West Virginia--Total
Properties: 444; new foreclosures: 94
Wyoming--Total
Properties: 71; new foreclosures: 14
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.
***
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