Approximately 22,900 new foreclosed residential properties were listed in the United States in August, according to data released by online foreclosure listing service Foreclosure.com. The August figures mark the third straight month that new foreclosure inventory has remained within a single percent of the prior month.
The foreclosure activity of the last three months shows strength and stability in the nation’s economy and the real estate market, Greg Sullivan, VP and co-founder of Foreclosure.com, said. However, Sullivan continued, “many months of increasing foreclosure inventory in the first half of 2004 has created an abundant backlog of properties in lenders’ portfolios and presents a continued buyer’s market in many areas for foreclosure investors and home buyers.”
Texas had the highest number of new foreclosures with 3,091 properties listed in August. Georgia had the second highest with 1,540 new properties listed, and Ohio was third with 1,436 properties.
States with the least amount of new foreclosures listed in August were New Hampshire with six properties, Hawaii with eight properties and District of Columbia with nine foreclosures. Rhode Island had no new foreclosed properties listed in August, according to the Foreclosure.com data.
Boca Raton, Fla.-based Foreclosure.com has access to a large inventory of residential foreclosure real estate, including real estate-owned (REO) properties; Department of Housing and Urban Development (HUD), Department of Veterans Affairs (VA), Fannie Mae and other government agency and financial institution properties; as well as listings from a network of corporate sellers.
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