DALLAS-FORT WORTH FORECLOSURE RATE DROPS 15 PERCENT

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:

State Name NODs NTSs NFSs LISs REOs Total %tile
US 9/2005 14,396 24,634 1,525 9,612 18,479 68,646
Alabama 6 90 0 0 83 179 28.43
Alaska 4 65 0 0 15 84 64.71
Arizona 127 1,832 0 0 119 2,078 86.27
Arkansas 39 702 0 0 205 946 80.39
California 4,147 674 0 0 173 4,994 64.71
Colorado 2,281 152 0 0 1,169 3,602 100.00
Connecticut 12 14 0 0 2 28 11.76
Delaware 4 5 0 0 1 10 15.69
District of Columbia 1 5 0 0 6 12 17.65
Florida 0 0 1,059 7,791 333 9,183 96.08
Georgia 23 2,977 0 0 923 3,923 98.04
Hawaii 51 36 0 0 11 98 43.14
Idaho 60 98 0 0 13 171 53.92
Illinois 2,267 99 0 0 1,611 3,977 82.35
Indiana 496 1,206 0 0 756 2,458 88.24
Iowa 23 12 0 0 103 138 37.25
Kansas 19 10 0 0 71 100 28.43
Kentucky 91 30 0 0 47 168 31.37
Louisiana 17 28 0 0 155 200 35.29
Maine 4 3 0 0 0 7 9.80
Maryland 10 206 0 0 286 502 47.06
Massachusetts 9 7 0 0 3 19 5.88
Michigan 124 295 0 0 2,203 2,622 72.55
Minnesota 14 38 0 0 98 150 22.55
Mississippi 9 17 0 0 66 92 22.55
Missouri 35 46 0 0 860 941 57.84
Montana 4 101 0 0 8 113 50.98
Nebraska 223 25 0 0 102 350 70.59
Nevada 104 446 0 0 19 569 75.49
New Hampshire 0 0 0 0 2 2 5.88
New Jersey 1,674 664 0 0 123 2,461 78.43
New Mexico 230 18 0 0 52 300 57.84
New York 0 0 466 1,821 206 2,493 53.92
North Carolina 81 122 0 0 706 909 49.02
North Dakota 0 0 0 0 7 7 13.73
Ohio 151 2,579 0 0 3,069 5,799 93.14
Oklahoma 399 275 0 0 309 983 75.49
Oregon 230 269 0 0 71 570 60.78
Pennsylvania 282 1,526 0 0 571 2,379 68.63
Rhode Island 0 1 0 0 0 1 1.96
South Carolina 51 56 0 0 232 339 41.18
South Dakota 3 12 0 0 2 17 19.61
Tennessee 8 828 0 0 1,317 2,153 84.31
Texas 64 7,752 0 0 1,920 9,736 93.14
Utah 663 30 0 0 227 920 90.20
Vermont 1 0 0 0 1 2 5.88
Virginia 2 158 0 0 65 225 25.49
Washington 30 867 0 0 88 985 64.71
West Virginia 1 101 0 0 0 102 39.22
Wisconsin 320 152 0 0 38 510 45.10
Wyoming 1 3 0 0 18 22 33.33

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.

###

Media Contact:
Michelle Sabolich
Atomic Public Relations
415-402-0230
michelle.sabolich@atomicpr.com

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved