Rising interest rates to blame
The number of new foreclosed residential properties soared 50 percent nationwide in March from the previous month, according to Foreclosure.com, which tracks residential foreclosures and for-sale-by-owner properties.
According to data released today, 28,190 new foreclosed residential properties were listed for sale in the U.S. during March 2005, up from 18,824 in February 2005. The total number of U.S. residential foreclosure properties available for sale in the U.S. during the month of March was 80,757, an increase of 10 percent from February.
"New foreclosure inventory rose in 47 states in March. This signifies a national trend in foreclosure inventory and can likely be attributed to the rise in interest rates during the latter half of 2004, and a slowdown in the trend of rising home values in the fourth quarter of 2004," said Brad Geisen, president and CEO, Foreclosure.com. "Foreclosures are most prevalent in areas of the country where home values are not rising, such as Ohio, Texas, South Carolina and Michigan. However, if the combination of rising interest rates and dropping home values continues, foreclosure inventory will likely continue to rise across the country."
Read more Inman News at Citywide Services
3 comments:
Real Estate investors........ Are You Sick Of The "UGLY HOUSE", "Fix And Flip" Or Rental Property Game And All Of The Headaches That Come With It?
Click Here For More
Information
dave del dotto
Real Estate Investors........Learn What The Popular, So Called, Real Estate "GURUS" Don't Tell You Or Don't Know
Click Here For More
Information
claudediamond
Hello Blogger,
Just wanted to say I enjoyed the information you have on your blog Real estate foreclosures surge 50% . It was not quite exactly what I was looking for which was but your stuff was very useful. Thanks again for the helpful read
Post a Comment