BOCA RATON, FL -- Western States Continue Six-Month Trend of Foreclosure Increases According to data released today by www.Foreclosure.com, 88,093 foreclosed residential properties were available for sale in the United States during February -- a decrease of 7 percent from January. The total number of new foreclosures listed for sale in February -- 21,402 -- dropped by 10.8 percent from the prior month.
February marks the second consecutive month of declining new foreclosures in the United States. However, a year-to-year comparison of new foreclosures shows a 9 percent increase in the number of listings in February 2006 as compared to February 2005.
"Foreclosure inventory numbers in February are often low, partially because legal filings in December usually drop off around the holidays and reduce foreclosures in January and February," said Brad Geisen, president and CEO, www.Foreclosure.com. "The year-to-year comparison, however, tells a different story. If new foreclosures in 2006 continue to track 9 percent higher than in 2005, the country will reach higher inventory levels than it has in recent years."
While most areas of the country experienced a decrease in new and active foreclosure listings in February, inventory increased in parts of the West. California, which has historically had very few foreclosures, was hit with a 150 percent increase in the number of new foreclosure listings in February over January. Arizona and Nevada also recorded significant increases in foreclosure listings with rises of 161 percent and 99 percent, respectively.
On the county level, Wayne County, Mich. and Dallas County, Texas, continue to top the country in foreclosures, though both experienced a reduction in new foreclosures in February. Marion County, Ind., has risen from the seventh to the third highest county in the nation for new foreclosures in February with 411 listings. Other counties with significant increases in foreclosures in February include: Maricopa County, Ariz.; San Diego County, Calif.; Los Angeles County, Calif.; Hennepin County, Minn.; Clark County, Nev.; and Salt Lake County, Utah.
"Foreclosure rates in the western half of the nation are shifting. Texas, which continues to have the highest number of foreclosures in the United States, has recently been showing a decrease in its foreclosure numbers. But states such as California and Nevada have experienced a rapid increase in foreclosure inventory over the past six months," said Geisen. "This is primarily because of a decrease in investment and speculative real estate activity in those markets. That investment activity has been moving away from California and into Texas, where the housing market has not yet peaked."
Note to Editors: Data includes foreclosed properties in the 50 states and the District of Columbia. Foreclosed properties have been through the foreclosure process, were not sold at public auction and have been taken back by a lending institution. These properties are commonly referred to as real estate owned (REO) properties.
ALABAMA
Total Properties: 1391
New Foreclosures: 283
ALASKA
Total Properties: 52
New Foreclosures: 14
ARIZONA
Total Properties: 1367
New Foreclosures: 188
ARKANSAS
Total Properties: 698
New Foreclosures: 193
CALIFORNIA
Total Properties: 1804
New Foreclosures: 407
COLORADO
Total Properties: 6753
New Foreclosures: 944
CONNECTICUT
Total Properties: 142
New Foreclosures: 34
DELAWARE
Total Properties: 59
New Foreclosures: 13
DISTRICT OF COLUMBIA
Total Properties: 9
New Foreclosures: 1
FLORIDA
Total Properties: 669
New Foreclosures: 252
GEORGIA
Total Properties: 5963
New Foreclosures: 1610
HAWAII
Total Properties: 8
New Foreclosures: 0
IDAHO
Total Properties: 184
New Foreclosures: 53
ILLINOIS
Total Properties: 3811
New Foreclosures: 811
INDIANA
Total Properties: 4749
New Foreclosures: 1437
IOWA
Total Properties: 1035
New Foreclosures: 257
KANSAS
Total Properties: 1015
New Foreclosures: 271
KENTUCKY
Total Properties: 1303
New Foreclosures: 306
LOUISIANA
Total Properties: 395
New Foreclosures: 80
MAINE
Total Properties: 102
New Foreclosures: 25
MARYLAND
Total Properties: 356
New Foreclosures: 134
MASSACHUSETTS
Total Properties: 327
New Foreclosures: 98
MICHIGAN
Total Properties: 7494
New Foreclosures: 1781
MINNESOTA
Total Properties: 1684
New Foreclosures: 672
MISSISSIPPI
Total Properties: 532
New Foreclosures: 115
MISSOURI
Total Properties: 2728
New Foreclosures: 753
MONTANA
Total Properties: 99
New Foreclosures: 21
NEBRASKA
Total Properties: 528
New Foreclosures: 114
NEVADA
Total Properties: 421
New Foreclosures: 91
NEW HAMPSHIRE
Total Properties: 73
New Foreclosures: 30
NEW JERSEY
Total Properties: 367
New Foreclosures: 130
NEW MEXICO
Total Properties: 364
New Foreclosures: 98
NEW YORK
Total Properties: 1958
New Foreclosures: 588
NORTH CAROLINA
Total Properties: 3564
New Foreclosures: 1039
NORTH DAKOTA
Total Properties: 53
New Foreclosures: 10
OHIO
Total Properties: 7694
New Foreclosures: 1803
OKLAHOMA
Total Properties: 1374
New Foreclosures: 282
OREGON
Total Properties: 856
New Foreclosures: 143
PENNSYLVANIA
Total Properties: 3097
New Foreclosures: 839
RHODE ISLAND
Total Properties: 43
New Foreclosures: 16
SOUTH CAROLINA
Total Properties: 2088
New Foreclosures: 531
SOUTH DAKOTA
Total Properties: 91
New Foreclosures: 23
TENNESSEE
Total Properties: 4053
New Foreclosures: 913
TEXAS
Total Properties: 11856
New Foreclosures: 2795
UTAH
Total Properties: 2398
New Foreclosures: 509
VERMONT
Total Properties: 27
New Foreclosures: 9
VIRGINIA
Total Properties: 499
New Foreclosures: 166
WASHINGTON
Total Properties: 840
New Foreclosures: 126
WEST VIRGINIA
Total Properties: 450
New Foreclosures: 118
WISCONSIN
Total Properties: 927
New Foreclosures: 265
WYOMING
Total Properties: 43
New Foreclosures: 11
About www.Foreclosure.com
With more than 1.2 million foreclosure, preforeclosure, bankruptcy, FSBO and tax lien listings in one place, www.Foreclosure.com delivers America's largest and most accurate searchable database of foreclosed homes and investment property information to its customers and business partners. Based in Boca Raton, Florida, www.Foreclosure.com works with hundreds of top lending institutions and government agencies to list diverse property types on its Web site, including Real Estate Owned (REO); 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 an extensive network of corporate sellers. On the Web: http://www.foreclosure.com/.
Irene Savage/Tristam Wallace
Harpell, Inc.
781-210-0938/781-210-0944
isavage@harpell.com/twallace@harpell.com
Available Topic Expert(s): For information on the listed expert(s), click appropriate link. Brad Geisen http://profnet.prnewswire.com/ud_public.jsp?userid=10002364
Source: www.Foreclosure.com
|
| Notes:
CONTACT: Irene Savage, +1-781-210-0938, isavage@harpell.com, or Tristam
Wallace, +1-781-210-0944, twallace@harpell.com, both of Harpell, Inc.
Web site: http://www.foreclosure.com/
About This Release
If you have any questions regarding information in this press release, please contact the organization listed in the press release. Issuers of press releases and not TCI are solely responsible for the accuracy of the content.
 | |
| Advertisement |
|
