Foreclosure.com: New Foreclosures Drop

New foreclosed residential properties declined by 17% in May, according to Foreclosure.com, an online foreclosure listing service based in Boca Raton, Fla.Such foreclosures totaled 22,734 in May, and the nationwide inventory of foreclosed residential properties totaled 74,011, down 4% from April's level, the company reported. "Foreclosure inventory in 2005 has reflected the current volatility and geographic variations of the overall housing market," said Brad Geisen, president and chief executive officer of Foreclosure.com. "The tendency for homeowners to enter into adjustable-rate mortgages, no-downpayment loans, and other low-initial-cost options has resulted in an atmosphere where slight changes in interest rates or economic conditions have a dramatic effect on ownership." The company can be found online at http://www.foreclosure.com.