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New foreclosures in U.S. rise; total inventory remains stable

National Mortgage Professional
Mar 24, 2014

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 21,998.

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.

Published
Mar 24, 2014