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
Levels Off in July,
Announces
Foreclosure.com
Active Foreclosure Inventory Continues to Decline Across
the Country, Indicating an Increase in Foreclosure Sales
BOCA
RATON, Fla. – August 4, 2004 – According to data released today
by online foreclosure listing service, Foreclosure.com, there were 22,768 new
foreclosed residential properties listed in the U.S.
during July 2004, a 2.87 percent increase from June. Overall, the total number of foreclosed
properties available in the U.S.
for the month of July was 71,586, a drop of 1.89 percent from June.
“July’s new and active inventory numbers indicate that the
real estate market in general is very strong.
The rise in new foreclosures suggest that interest rate pressures are
beginning to create an up tick in new foreclosure activity, while the lower
active numbers suggest that existing inventory is being liquidated as lenders
sell off REO and other assets that have been on the market for extended periods
of time,” said Greg Sullivan, vice president and co-founder,
Foreclosure.com. “This is reflected most
dramatically in states with large foreclosure inventories such as Texas,
which saw a five percent increase in new foreclosures but a two percent
decrease in overall active inventory.
This presents a significant buyer’s market for foreclosed properties.”
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
# # #