New foreclosures in U.S. rise; total inventory remains stableMortgagePress.comU.S. foreclosures
According to data released by Boca Raton, Fla.-based
Foreclosure.com, 87,794 foreclosed residential properties were
available for sale in the United States during October, a figure
almost unchanged from September. The total number of new
foreclosures listed for sale rose eight percent from September to
The re-listing of properties owned by the U.S. Department of
Housing and Urban Development (HUD) in Alabama, Arkansas, Florida,
Georgia, Kentucky, Louisiana, Mississippi, Oklahoma, South
Carolina, Tennessee and Texas resulted in the increase of new
foreclosures in October. By Sept. 29, HUD identified all properties
it would set aside for the victims of this season's hurricanes and
started re-listing inventory on Oct. 6. For the remaining areas of
the country, there was a less than one-percent increase in new
foreclosures from September to October.
"Foreclosure levels in the U.S. remain low compared to the
beginning of this year," said Brad Geisen, president and CEO of
Foreclosure.com. "While there are still pockets of increasing
inventory in the Midwest and Northwest, foreclosure levels in most
of the country have remained flat during the past six months."
Some states in the southern region of the United States, such as
Florida, Georgia, Mississippi, Oklahoma, Tennessee and Texas,
showed a significant rise in the amount of new foreclosure listings
in October. However, the total foreclosure inventory in these
states stayed flat or decreased from September to October, and
remained below pre-hurricane levels. In Louisiana and Alabama,
foreclosure inventory remained very low because of the federally
mandated moratorium on new foreclosures in disaster areas.
"Foreclosure inventory in the South will be affected by the
hurricanes for at least the remainder of the year, as the
government continues its relief efforts and displaced residents
continue to move back into the area," said Geisen. "We anticipate a
higher than normal buyer demand for foreclosed properties in the
South, which will keep the total inventory levels low until the end
of the moratorium period."
For more information, visit www.foreclosure.com.