Real estate foreclosure inventory dipped in November, according to data compiled and released by Foreclosure.com, which tracks residential foreclosure, pre-foreclosure, bankruptcy, for-sale-by-owner and tax lien listings nationwide.
According to the data, 85,375 foreclosed residential properties were available for sale during November, a decrease of 2.7 percent from October. The total number of new foreclosures listed for sale in November was 20,951, also down 2.7 percent.
The states with the highest number of foreclosure listings were Colorado, Georgia, Indiana, Michigan, Ohio and Texas. Of those, Georgia was the only state to see an increase in new foreclosures from October to November.
Meanwhile, Massachusetts, North Carolina and Tennessee saw a substantial rise in the number of new foreclosures for the second straight month, indicating early signs of a trend in those areas.
“Most areas of the United States experienced relatively stable foreclosure inventory during the past year,” said Brad Geisen, president and CEO, Boca Raton, Fla.-based Foreclosure.com. “Even though new foreclosure inventory is on an even pace compared to last year, we are closely watching areas of the country such as the Northeast and South where foreclosures are beginning to increase.”
Geisen continued, “There is still a high foreclosure level throughout the country, even with the drop in new foreclosures. When we compare the slow buying pace to the number of new foreclosures entering the market, we see that a strong investment environment exists for foreclosed homes.”
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