DALLAS FORECLOSURES DECREASE 14 PERCENT IN SEPTEMBER

Dallas Foreclosure Rate Still More Than Three Times the National Average
Texas Foreclosures Down 16 Percent

IRVINE, Calif. – Oct. 20, 2006 – Foreclosure filings in Dallas decreased 14 percent in September, but the area’s foreclosure rate was still more than three times the national average and highest among of the nation’s five top metropolitan areas, according to the RealtyTrac™ U.S. Foreclosure Market Report.

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The eight-county metropolitan area reported 4,143 properties entering some stage of foreclosure during the month and a foreclosure rate of one new foreclosure filing for every 321 households.

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.

“Although the foreclosure rate in Dallas remains well above the national average, September’s drop indicates that the area’s housing market may be one that bends but does not break under the pressures of higher interest rates and rising inventories, which are causing foreclosures to surge in other parts of the country,” said James J. Saccacio, chief executive officer of RealtyTrac. “In fact, strong job growth and housing affordability may make Dallas and the surrounding areas quite attractive to potential homebuyers and investors.”

Dallas real estate agent Jon Callaway, a member of the RealtyTrac Agent Network™ said he’s seeing job growth fueled by companies that are relocating to Dallas, along with major infrastructure projects designed to streamline transportation throughout the region. He’s also seeing investors from outside the state snatch up inventory, speculating that Texas will be the next hot market. He believes all this points to an improving housing market.

“I do see us pulling out of the stagnated market we have been in for the last five years and moving forward at a 5 to 7 percent appreciating pace,” he said, noting that in the last five years he has not seen raw land prices or material prices go down in Dallas. “We are still giving families a lot of bang for the buck when shopping for a new place to live in.”

Despite the decrease in foreclosures, the foreclosure rate in Dallas continued to rank above the foreclosure rates in Chicago, Los Angeles, Philadelphia and New York.

“As long as 100 percent financing exists there will be an abnormal amount of people getting into financial troubles and unable to sell their homes,” Callaway said. “The majority of the homes we see in trouble across the metroplex are 100 percent financing loans.”

Dallas County accounted for the majority of foreclosure activity in the metropolitan area, with 2,729 properties entering some stage of foreclosure during the month. That was a 16 percent decrease from the previous month and a foreclosure rate of one new foreclosure filing for every 313 households — 3.3 times the national average.

Despite a 32 percent drop in foreclosure activity, Rockwall County continued to document the highest foreclosure rate in the metro area — one new foreclosure filing for every 222 households.

Ellis County’s foreclosure rate wasn’t far behind, with one new foreclosure filing for every 223 households. The county reported 175 properties entering some stage of foreclosure, an increase of 64 percent from the previous month.

Foreclosure activity decreased in both Collin and Denton counties. Collin County reported 614 properties entering some stage of foreclosure, a decrease of 8 percent, and Denton County reported 443 properties entering some stage of foreclosure, a decrease of 24 percent. Both counties continued to document foreclosure rates that were well above the national average.

Texas reported 11,988 properties entering some stage of foreclosure in September, a 16 percent decrease from the previous month but still a 23 percent increase from September 2005. The state’s foreclosure rate of one new foreclosure filing for every 671 households was the eighth highest in the country and 1.5 times the national average.

A total of 112,210 properties nationwide entered some stage of foreclosure in September, a decrease of less than 1 percent from the previous month but an increase of more than 63 percent from September 2005. The nation’s foreclosure rate of one new foreclosure filing for every 1,030 households was the third highest national foreclosure rate reported this year.

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, statewide and by county in the Dallas Metropolitan Statistical Area Division over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures – Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures – Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repossessed by a bank).

About RealtyTrac Inc.
Ranked as the third largest real  estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (http://www.realtytrac.com/), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. For more information, visit http://www.realtytrac.com/.

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Order Customized Reports
Detailed and historical foreclosure data used to create the above report may bepurchased through the RealtyTrac Data Licensing Department at 949.502.8300 Ext.158. Aggregate data is available at the state, metro, county and zip codelevels dating back to 2005, and address-level foreclosure records are alsoavailable historically.

Media Contacts:
Michelle Schneider
949.502.8300 Ext. 139
michelle.schneider@realtytrac.com

Christine Stricker
949.502.8300 Ext. 268
christine.stricker@realtytrac.com

Detailed & Historical Data:
Tyler White
949.502.8300 Ext. 158
tyler.white@realtytrac.com

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