DALLAS-FORT WORTH FORECLOSURE RATE DROPS 15 PERCENT ACCORDING TO REALTYTRAC™ SEPTEMBER U.S. FORECLOSURE MARKET REPORT
Dallas-Fort Worth Continues to Post Highest Foreclosure Rates of Top Five Metros;Texas Foreclosures Down 27 Percent
Irvine, Calif. – October 25, 2005 – The Dallas-Fort Worth metropolitan area reported a 15 percent drop in the number of properties entering some stage of foreclosure in September, but the area’s foreclosure rate was still highest among the nation’s five largest metro areas, according to the RealtyTrac™ September U.S. Foreclosure Market Report. This is the fourth consecutive month that Dallas-Fort Worth’s foreclosure rate has ranked highest among the top five metro areas.
RealtyTrac (www.realtytrac.com) publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 550,000 properties in nearly 2,000 counties across the country, and is the foreclosure data provider to MSN House & Home, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.
Dallas and Tarrant counties together reported one foreclosure for every 714 households, more than twice the national average and higher than the foreclosure rates in Los Angeles, New York, Philadelphia and Chicago. But Dallas County by itself reported only 706 properties entering some stage of foreclosure — a 56 percent drop from August, and a rate of one foreclosure for every 1,210 households.
“While the September numbers seem to show a dramatic improvement of the foreclosure situation in Dallas, we suspect that the drop-off is due more to a statistical anomaly than a shift in market trends,” said James J. Saccacio, RealtyTrac chief executive officer. “Our preliminary October results suggest that a significant number of properties that actually entered the foreclosure process in September were simply recorded too late to be included in our report. Given the influence that Dallas foreclosures have on the Texas foreclosure rate, we advise waiting for the October report before drawing any conclusions.”
Even with the significant drop-off, the Dallas-Fort Worth foreclosure rate maintained its number-one ranking among the foreclosure rates of the major metro areas. Tarrant County reported a 71 percent jump in foreclosures, with 1,282 properties entering some stage of foreclosure. The county recorded one foreclosure for every 441 households — 3.8 times the national average.
Collin County also reported one foreclosure for every 441 households. The county documented a total of 442 properties entering some stage of foreclosure, which was 29 percent more than in August. Meanwhile Denton County experienced a 36 percent decrease in the number of foreclosures, with a total of 189 properties entering some stage of foreclosure — one foreclosure for every 889 households.
In September a total of 9,736 properties in Texas entered some stage of foreclosure, which amounts to 27 percent fewer than the previous month. Some of the drop-off can be attributed to a 90-day foreclosure moratorium invoked by the Department of Housing and Urban Development for counties designated as federal disaster areas because of damage caused by Hurricane Rita, which made landfall on Sept. 24. Harris County was designated as federal disaster area, and the county reported 1,823 fewer foreclosures in September, a 45 percent drop from the previous month.
A total of 68,646 properties nationwide entered some stage of foreclosure in September, a 9.2 percent slide from the previous month and one foreclosure for every 1,685 households.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides a graphical map that illustrates foreclosure percentiles by state (appended to this press release or available by request), as well as the total number of homes in some stage of foreclosure nationwide and by state over the preceding month. Data is also available at the individual county level. 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 repurchased by a bank).
Below are foreclosure market statistics nationwide and by state:
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About RealtyTrac Inc.
Ranked as the fourth-largest real estate site by Nielsen Net Ratings, RealtyTrac Inc. (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 and For Sale By Owner properties, with more than 550,000 properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts close to two million unique visitors monthly and is the exclusive foreclosure data supplier to MSN House & Home, Yahoo! Real Estate and HomeGain as well as the foreclosure data provider to AOL Real Estate. For more information, visit www.realtytrac.com.
Atomic Public Relations