Real estate foreclosures drop

Defaults remain highest in Texas
Inman News
The number of new foreclosed residential properties dropped 3 percent from March to April, according to online foreclosure listing service Foreclosure.com. A total of 27,417 new foreclosed residential properties were listed for sale across the country in April, and the total number of U.S. residential foreclosure properties available for sale in April was 76,786, a decrease of 5 percent from March, Foreclosure.com also reported.

"The slight decrease in foreclosure inventory represents a stabilization in the housing market over the last month. The continued high inventory reflects the current interest rates and the leveling off of home values," said Brad Geisen, president and CEO for Foreclosure.com.

"Foreclosures remain prevalent in areas of the country where home values continue not to rise, such as Georgia, Indiana, Ohio, Texas and Michigan. However, if interest rates continue to climb and home values stay the course, we expect foreclosure inventory to increase in other areas of the country," Geisen also said.

Among the states with the highest number of properties in foreclosure in April:

• Texas: 9,266 total foreclosure properties available for sale; 3,481 new foreclosures.
• Ohio: 7,233 total foreclosure properties available for sale; new foreclosures.
• Michigan: 6,205 total foreclosure properties available for sale; 1,978 new foreclosures.
• Georgia: 6,125 total foreclosure properties available for sale; 2,082 new foreclosures.
• Indiana: 4,661 total foreclosure properties available for sale; 1,719 new foreclosures.
• North Carolina: 3,945 total foreclosure properties available for sale; 1,234 new foreclosures.

Among the states with the lowest number of properties in foreclosure in April:
• Rhode Island: Seven total foreclosure properties available for sale; two new foreclosures.
• Washington, D.C.: 15 total foreclosure properties available for sale; six new foreclosures.
• Hawaii: 20 total foreclosure properties available for sale; 12 new foreclosures.
• Vermont: 28 total foreclosure properties available for sale; 11 new foreclosures.
• New Hampshire: 38 total foreclosure properties available for sale; six new foreclosures.