Foreclosure Trends October 2005

Foreclosure Trends October 2005
Re-Listing of HUD Properties in Southern States Results in New Foreclosure Increase BOCA RATON, Fla., Nov. 8 /PRNewswire/ -- According to data released todayby Foreclosure.com, 87,794 foreclosed residential properties were availablefor sale in the United States during October -- almost unchanged fromSeptember. The total number of new foreclosures listed for sale in October --21,998 -- increased eight percent from September. The re-listing of available U.S. Housing and Urban Development (HUD)-ownedproperties in Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana,Mississippi, Oklahoma, South Carolina, Tennessee and Texas, resulted in theincrease of new foreclosures in October. By September 29, HUD identified allthe properties it would set aside for the victims of the storm and started re-listing inventory on October 6. For the remaining areas of the country, therewas less than a one percent increase in new foreclosures from September toOctober. "Foreclosure levels in the U.S. remain low compared to the beginning ofthis year," said Brad Geisen, president and CEO, Foreclosure.com. "While thereare still pockets of increasing inventory in the Midwest and Northwest,foreclosure levels in most of the country have remained flat during the pastsix months." Foreclosure Inventory in South Remains Affected by Hurricanes Some states in the southern region of the United States such as Florida,Georgia, Mississippi, Oklahoma, Tennessee and Texas, showed a significant risein the amount of new foreclosure listings in October. However, the totalforeclosure inventory in these states stayed flat or decreased from Septemberto October. Foreclosure inventory in these states remains below pre-hurricanelevels. In Louisiana and Alabama, foreclosure inventory remains very lowbecause of the federally mandated moratorium on new foreclosures in disasterareas. "Foreclosure inventory in the south will be affected by the hurricanes forat least the remainder of the year as the government continues its reliefefforts and displaced residents continue to move back into the area," saidGeisen. "We anticipate a higher than normal buyer demand for foreclosedproperties in the south, which will keep the total inventory levels low untilthe end of the moratorium period."