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

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