Dallas Foreclosure Rate No Longer Highest Of Nation’s Top 5 Metros
Texas Foreclosures Down 19 Percent
IRVINE, Calif. – Nov. 28, 2006 – Dallas foreclosure activity decreased for the second consecutive month in October, falling 33 percent from the previous month and dropping the city’s foreclosure rate from highest to second highest among five of the nation’s largest metropolitan areas, according to the RealtyTrac™ October 2006 U.S. Metropolitan Foreclosure Market Report.
The eight-county metropolitan area reported 2,785 new foreclosure filings during the month, a foreclosure rate of one new foreclosure filing for every 478 households — still more than twice the national average despite the October decrease.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.
“Dallas continues to buck the national trend when it comes to foreclosures,” said James J. Saccacio, chief executive officer of RealtyTrac. “While the nation as a whole has reported increasing foreclosures in the last two months, Dallas has reported decreasing foreclosures. And for the first time in several months the city’s foreclosure rate has moved out of the top position among the five major metro areas we track each month.”
Chicago replaced Dallas as the major metro area with the highest foreclosure rate. However, Dallas continued to document a higher foreclosure rate than those of Los Angeles, Philadelphia and New York.
Dallas real estate agent Jon Callaway, a member of the RealtyTrac Agent Network™, said the prevalence of 100 percent financing is responsible for many of the foreclosures in the region. But he believes the Dallas housing market is showing signs of recovery.
“Investors from California, Arizona, Florida, Utah and eastern states are soaking up inventory, speculating that we are going to be the next hot spot,” he said. “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.”
Dallas County reported 1,767 new foreclosure filings in October, the most of any county in the metropolitan area, but a decrease of 35 percent from the previous month. The county’s foreclosure rate of one new foreclosure filing for every 483 households registered at more than two times the national average.
Most of the other counties in the metropolitan area also reported decreasing foreclosure activity. Kaufman and Hunt counties were the only exceptions, although Hunt County reported only four new foreclosure filings during the month and a foreclosure rate that registered well below the national average. Kaufman County reported 136 new foreclosure filings, a foreclosure rate of one new foreclosure filing for every 192 households — the highest foreclosure rate in the metro area and more than five times the national average.
With 9,728 new foreclosure filings in October, Texas foreclosure activity decreased nearly 19 percent from the previous month and nearly 41 percent from October 2005. The state’s foreclosure rate of one new foreclosure filing for every 827 households was 1.2 times the national average, dropping it out of the 10 highest state foreclosure rates.
A total of 115,568 properties nationwide entered some stage of foreclosure in October, an increase of nearly 3 percent from the previous month and an increase of more than 42 percent from October 2005. The nation’s foreclosure rate of one new foreclosure filing for every 1,001 households was the highest national foreclosure rate reported in any month so far 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/.
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.
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Detailed & Historical Data:
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