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.
***
Send news tips or a letter to the editor to glenn@inman.com.
