Tuesday, October 11, 2005

HUD Action Skews Foreclosure Totals

Yahoo has this report on September default numbers. "According to data released today by Foreclosure.com, 87,717 foreclosed residential properties were available for sale in the United States during September, a six percent decrease from August. The total number of new foreclosures listed for sale in September was 20,347."

"The decrease can be primarily attributed to the removal of all HUD real estate owned (REO) properties in 11 states following Hurricane Katrina, including Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, Oklahoma, South Carolina, Tennessee and Texas. On September 29, HUD identified all the properties it set aside for the victims of the storm and started re-listing all available inventory on October 6."

"To represent national foreclosure trends for the month of September, Foreclosure.com commissioned a study of the 39 states that were unaffected by the removal of HUD properties. In those 39 states, Foreclosure.com's data showed a 3.2 percent increase in new foreclosure activity, and a half of a percent decrease in the total number of foreclosures for sale across the nation."

"'With nearly 90,000 foreclosed properties still for sale in the United States, a wealth of investment opportunities still exist. By closely tracking geographic spikes in inventory such as those currently occurring in Colorado and Indiana, investors will be well positioned to uncover strong opportunities and significant bargains on homes,' said Brad Geisen."

The link includes a state-by-state detail of the numbers at the bottom of the page.


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