Wednesday, January 11, 2006

Default Inventories Head Back Up, Georgia Update

A Press Release has some data on foreclosure inventories. "According to data released today, 91,905 foreclosed residential properties were available for sale in the United States during December, an increase of 12.7 percent from November. The total number of new foreclosures listed for sale in December, 24,124, increased 7.7 percent from the prior month."

"These increases mark the highest month-to-month increase of both new and total foreclosures since March 2005. The South region of the U.S., Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee and Texas, led the country with a 17.4 increase in new foreclosures from November to December and a nine percent increase in new foreclosures. The Midwest region showed the second highest percentage increases, followed by the Northeast and West regions."

"'The relative stability of U.S. foreclosure inventory ended in December," said Brad Geisen. 'If factors such as waning investor confidence in the housing market, high interest rates and a weakening sellers market continue, it is very likely that foreclosure inventory will remain high in the early months of 2006. Regardless of what happens in the first quarter, the current foreclosure inventory represents a very strong buyers market for investors and individuals.'"

And from Georgia. "More people have been getting priced out of the housing market in Georgia, according to a government report issued Tuesday. To keep the flow of first-time buyers into homes, lenders have become increasingly creative about mortgage programs. Some of the offerings are a little too creative, DC Aiken said, if they offer an unreasonably low payment that can balloon beyond the buyer's ability to make payments. He described the so-called option ARM as 'a dangerous program.'"

"Georgia's total foreclosedresidential properties reached 5,930 at the end of 2005, according to data released Wednesday. Georgia had 1,748 new foreclosures in December, compared with 1,584 new foreclosed residential properties in November."


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