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Foreclosures Improve

Foreclosure.com reports 22,734 foreclosed properties listed in May

June 9, 2005

By MortgageDaily.com staff

The number of foreclosed properties listed for sale in May fell.

Almost 23,000 foreclosed U.S. homes were listed last month, according to an announcement from Foreclosure.com Wednesday, off 17% from April.

Total foreclosed properties available for sale in May were 74,011, the Boca Raton listing service reported, down 4%.

"The tendency for homeowners to enter into adjustable-rate mortgages, no-down payment loans and other low initial cost loan options has resulted in an atmosphere where slight changes in interest rates or economic conditions have a dramatic effect on ownership," President and CEO Brad Geisen said in the statement.

He added that delinquent borrowers in appreciating areas can still sell their homes.

California, one of the hottest real estate markets in the country, had an inventory of just 99 properties -- with 30 added in May. The inventory for Washington, D.C., was nine properties, and Connecticut was at 150.

The foreclosure inventory was lowest in Rhode Island, which had just seven foreclosed properties listed, Foreclosure.com said.

But Geisen said borrowers in flat markets just add to already high foreclosure inventories.

Texas, which has missed out on much of the boom, added 3,408 properties in May -- bringing the inventory to 9,130, according to the report. Michigan added 1,652 properties to end with an inventory of 6,150, while Ohio added 1,985 properties with an inventory of 7,191.

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