Previously Foreclosed Homes Flood the Market(January 12, 2006) --
Foreclosure activity ramped up at the close of 2005, reports Boca Raton-based Foreclosure.com.
The number of foreclosed homes available for sale in December surged 12.7 percent from the previous month to 91,905, while the rate of foreclosures listed for sale rose 7.7 percent to 24,124.
New foreclosures were highest in the U.S. South, followed by the Midwest, the Northeast, and the West.
"With lending institutions closing their books at the end of the year, it is somewhat common for the foreclosure inventory to rise," explained Foreclosure.com President and CEO Brad Geisen. "It is premature to predict that December's inventory indicates a foreclosure crisis in the U.S.; however, this rise in inventory, which is higher than in recent years, should be closely monitored as 2006 begins."
Geisen added that market fundamentals, including higher interest rates and ebbing investor confidence, make it likely that the foreclosure supply will remain high early in the year.
Source: All Headline News (01/11/06); Chase, Ayinde O.
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