Wednesday, July 12, 2006

Foreclosures Sell Faster Than Resales

A press release on defaults. "The collective surge of foreclosures across the nation is a driving force in an otherwise sluggish real estate market, according to a six-month data analysis released today by The analysis, in fact, reveals that foreclosure properties are exchanging hands at almost twice the rate of existing home sales as a growing number of loan defaults convert to foreclosures."

"Currently, 30 percent of foreclosure inventory is being sold each month. In contrast, analysis of data from the National Association of Realtors indicates that only 17.7 percent of existing home inventory was sold in May 2006. NAR data also shows that the national inventory of existing homes for sale has risen in the first five months of 2006 from 2,883,000 homes in January to 3,604,000 in May."

"'In recent years, buyers had the ability to buy more property than perhaps they could afford thanks to low-interest loans,' CEO Brad Geisen said. 'That's changing. While just a year ago sellers were in the driver's seat, foreclosure rates over the last six-months suggest buyers now have the upper hand.'"

"Georgia ranks highest among states in foreclosure rates to date in 2006, followed in order by Indiana, Colorado, Michigan, Texas, Ohio, Tennessee, South Carolina, North Carolina and Utah."

Don't miss the tables at the bottom of the link for state by state details.


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