FOR IMMEDIATE RELEASE
Irene Savage/Tristam Wallace
Harpell, Inc.
781-274-9148/781-274-8710
isavage@harpell.com/twallace@harpell.com
U.S. Residential Foreclosure Inventory
Decreased in June,
Announces
Foreclosure.com
June Inventory Shows the First Decrease in New Foreclosures in 2004;
Foreclosure.com Experts Predict Numbers May Increase Again in Coming Months Due
to Interest Hikes
BOCA
RATON, Fla. –July 7, 2004 – According to data released today by
online foreclosure listing service, Foreclosure.com, there were 22,132 new
foreclosed residential properties listed in the U.S.
during June 2004. Overall, the total
number of foreclosed properties available in the U.S.
for the month of June was 72,962. These
inventory numbers mark the first decrease in residential foreclosed property
listings in the U.S.
in 2004.
“A number of factors contribute to the short-term drop in
foreclosure activity. Pricing remains
stable due to a vibrant market, low interest rates and limited housing
inventory, and the economy has now begun to recover rapidly. This means that sellers in financial
difficulty are able to ‘sell-out’ of their ownership position and avoid
foreclosure,” said Greg Sullivan, vice president and co-founder,
Foreclosure.com. “Further, the recent
rise in interest rates and anticipation of future increases has created
short-term demand as new and existing homeowners seek to re-finance while they
can. We anticipate, however, that the
upward rate curve will impact demand and borrowers tied to adjustable rate
products will be unable to liquidate.
This will ultimately cause an up tick in foreclosures nationwide.”
Note to Editors: Data includes
foreclosed properties in the 50 states and the District of Columbia.
About
Foreclosure.com
Based in Boca Raton, Florida,
Foreclosure.com is committed to delivering the most comprehensive, up-to-date
database of residential foreclosure properties in the United
States to its customers and business
partners through its cost-effective, Web-based subscription service. Through the company’s work with hundreds of
the top lending institutions and government agencies, Foreclosure.com has
access to the nation’s largest inventory of residential foreclosure real
estate, including Real
Estate-Owned (REO) properties; 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 Net: http://www.foreclosure.com
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