Industry News

Real estate foreclosures stable in August

New data shows nearly 23,000 properties listed in last month of summer

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Approximately 22,900 new foreclosed residential properties were listed in the United States in August, according to data released by online foreclosure listing service Foreclosure.com. The August figures mark the third straight month that new foreclosure inventory has remained within a single percent of the prior month. The foreclosure activity of the last three months shows strength and stability in the nation's economy and the real estate market, Greg Sullivan, VP and co-founder of Foreclosure.com, said. However, Sullivan continued, "many months of increasing foreclosure inventory in the first half of 2004 has created an abundant backlog of properties in lenders' portfolios and presents a continued buyer's market in many areas for foreclosure investors and home buyers." Texas had the highest number of new foreclosures with 3,091 properties listed in August. Georgia had the second highest with 1,540 new properties listed, and Ohio was third with 1,436 properties. States with the ...