Industry News

New foreclosed real estate drops

Inventory remains high as purchases slow

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The number of new foreclosed residential properties nationwide fell between July and August to 24,328 units, according to Foreclosure.com, which tracks residential foreclosures and for-sale-by-owner properties. According to data released Wednesday, a total of 93,440 foreclosed residential properties were available for sale in the U.S. during August, up 3 percent from the 90,611 foreclosed properties available for sale during July. "Foreclosure inventory has been steadily increasing since May, representing a slowdown in the purchase of foreclosed homes," said Brad Geisen, president and CEO, Foreclosure.com. "This trend of sustained high inventory presents a strong investment opportunity for buyers, as lenders are challenged with greater holding and disposition costs the longer that they have to hold on to a property." Texas had the highest number of foreclosed properties for sale in August with 12,920, followed by Ohio (8,192), Michigan (7,422), Georgia (6,798), and Colorado (6,52...