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Foreclosures Are Driving Sluggish Real Estate Market.
NEW YORK -- Citing a "collective surge" in foreclosure activity in much of the nation, Foreclosure.com, a Florida-based company, said that foreclosures are becoming a driving force in an increasingly sluggish real estate market.
According to Foreclosure.com, foreclosed properties are changing hands at almost twice the rate of existing home sales as a growing number of home loan defaults convert to foreclosures. The company said that about 30% of the foreclosure inventory nationally is being sold each month.
Foreclosure.com's six-month analysis of U.S. foreclosure data (see related table, page 5) shows that new foreclosures rose from 23,982 in January to 26,972 in March. The rate reached 27,064 in May and 26,802 in June.
However, the active foreclosure inventory has dropped from 95,073 in January to 89,352 in June. Foreclosure.com said this reflects a strong market for foreclosed real estate.
"Everything we are seeing in the current climate in the real estate industry is driven by rising interest rates and a sluggish housing market," said Brad Geisen, president and CEO of the company, ...
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