Dallas Foreclosure Rate Back on Top of Nation’s Top 5 Metros
Texas Foreclosure Activity Up 40 Percent for Month
IRVINE, Calif. – Dec. 19, 2006 – After two consecutive months of decreasing activity, Dallas foreclosure filings spiked in November, surging 67 percent from the previous month and placing the city’s foreclosure rate back on top among five of the nation’s largest metropolitan areas, according to the RealtyTrac™ U.S. Metropolitan Foreclosure Market Report.
The eight-county metropolitan area reported 4,653 new foreclosure filings during the month, a foreclosure rate of one new foreclosure filing for every 286 households — 3.4 times the national average.
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.
“These latest numbers are a complete about-face for Dallas, which over the past couple of months had been running counter to the nation as a whole in terms of foreclosure trends,” said James J. Saccacio, chief executive officer of RealtyTrac. “Dallas foreclosures took a major upswing this month, placing the city’s foreclosure rate back in top position among the five major metro areas we track each month.”
Dallas returned to the top spot, a position it had occupied for most of the year, replacing Chicago as the major metro area with the highest foreclosure rate. Foreclosure rates in Los Angeles, Philadelphia and New York also registered below the rate in Dallas.
Dallas real estate agent Jon Callaway, a member of the RealtyTrac Agent Network™, believes lowering interest will help attract more first-time homebuyers back to the Dallas-Fort Worth market. Those first time homebuyers, along with steady investor activity, should help to soak up the extra inventory caused by foreclosures.
“High growth potential areas like Flower Mound, Southlake, Lewisville, Prosper, Frisco, Allen and McKinney show excellent investment potential for the long-term real estate investor,” he said. “Now would be the time to pull the trigger for speculation in the outlying areas of DFW.”
Dallas County foreclosures highest total for the month
Dallas County led all counties in the greater metropolitan area in total foreclosure activity, reporting 2,811 new foreclosure filings in November. The monthly total represents a 59 percent increase from the 1,767 foreclosures reported the previous month. The county’s foreclosure rate of one new foreclosure filing for every 304 households was 3.2 times the national average.
Collin County foreclosures have biggest increase; Rockwall County foreclosure rate highest
Collin County reported 767 new foreclosures in November, a 114 percent increase from the 359 foreclosures reported a month earlier. Of the remaining metro counties, only Hunt and Kaufman counties reported a decrease in activity. Rockwall County led the metro area in terms of foreclosure rate, reporting one new foreclosure filing for every 142 households — 6.8 times the national average.
Texas foreclosure activity up 40 percent from previous month
Reporting 13,664 new foreclosure filings in November, foreclosure activity increased in Texas by more than 40 percent from the 9,728 foreclosures reported the previous month, and was up nearly 73 percent from November 2005. The state’s foreclosure rate of one new foreclosure filing for every 589 households was 1.6 times the national average, giving it the fifth highest foreclosure rate in the country.
Eleven percent of U.S. foreclosures from Texas
Texas accounted for more than 11 percent of the 120,334 properties nationwide that entered some stage of foreclosure in November, an increase of more than 4 percent from the previous month and up 68 percent from November 2005. The nation’s foreclosure rate of one new foreclosure filing for every 961 households was the highest rate reported 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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