DALLAS-FORT WORTH FORECLOSURE RATE FOUR TIMES THE NATIONAL AVERAGE ACCORDING TO REALTYTRAC™ JANUARY U.S. FORECLOSURE MARKET REPORT
Foreclosures Spike Nearly 200 Percent After Two Months of Decreases. Texas Foreclosures Up 15 Percent
Irvine, Calif. – Feb. 21, 2006 – Dallas-Fort Worth reported more than 6,000 pre-foreclosure and foreclosure filings in January, a 193 percent increase that jumped the region’s foreclosure rate to more than four times the national average, according to the RealtyTrac™ January 2006 U.S. Foreclosure Market Report.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from over 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and AOL Real Estate.
“While we’ve seen significant fluctuations in the Dallas-Fort Worth foreclosure rates from month-to-month, we haven’t seen a month with a spike like this one since we first started issuing our foreclosure report in January of 2005,” said James J. Saccacio, chief executive officer of RealtyTrac. “While foreclosure rates increased both nationally and in Texas in January, this area seems to have been hit disproportionately hard.”
The 14-county Dallas-Fort Worth metropolitan area reported a total of 8,749 properties entering some stage of foreclosure in January, and two counties — Dallas and Tarrant — accounted for 6,320 of those new foreclosures. With one new foreclosure for every 235 households, the region’s foreclosure rate was higher than foreclosure rates in the New York, Los Angeles, Chicago and Philadelphia metropolitan areas.
“Previous reports only included Dallas and Tarrant counties,” noted Saccacio. “But we’ve added Collin, Denton, Ellis and Rockwell counties, along with a number of others, to our 2006 monthly reports to provide a more accurate assessment of the entire metropolitan area.”
Dallas County reported 4,149 properties entering some stage of foreclosure in January, more than three times the number reported the previous month, and Tarrant County reported 2,171 properties entering some stage of foreclosure in January, more than two times the number reported the previous month.
New foreclosures also increased in Collin and Denton counties. Collin County reported 842 properties entering some stage of foreclosure, a 91 percent increase and one new foreclosure for every 231 households. Denton County reported 881 properties entering some stage of foreclosure, a 184 percent increase and one new foreclosure for every 190 households.
Ellis and Rockwall counties documented the two highest January foreclosure rates in the metropolitan area, with one new foreclosure for every 147 households in Ellis County and one new foreclosure for every 140 households in Rockwall County. The foreclosure rates in both counties were more than 7.5 times the national average.
Texas reported 14,669 properties entering some stage of foreclosure in January, a 15 percent increase from the previous month and a 16 percent year-over-year increase. The state’s foreclosure rate of one new foreclosure for every 549 households was more than two times the national average of one new foreclosure for every 1,117 households. Nationwide, a total of 103,540 properties entered some stage of foreclosure in January, a 27 percent increase from the previous month and a 45 percent year-over-year increase.
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 foreclosed on and re-purchased by a bank).
Below are foreclosure market statistics nationwide and by state:
1 in every #households
|%Change prev. month|
|District of Columbia||1||1||0||0||5||7||39,264||-42|
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 600,000 properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts more than 2 million unique visitors monthly and has been chosen to supply foreclosure data to AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. For more information, visit www.realtytrac.com.
Atomic Public Relations