DALLAS-FORT WORTH FORECLOSURE RATES DECLINE ACCORDING TO REALTYTRAC™ MAY U.S. FORECLOSURE MARKET REPORT™
State and county foreclosure rates still higher than national averages, but no longer the highest in the country
Irvine, Calif. – June 22, 2005 – Chicago’s foreclosure rate jumped to the highest among the nation’s top five metropolitan areas thanks to a 100 percent increase in the number of new foreclosures recorded in the city, according to the RealtyTrac™ May 2005 U.S. Foreclosure Market Report™. New York, Los Angeles, Philadelphia and Dallas all had lower foreclosure rates.
RealtyTrac (www.realtytrac.com) publishes the largest national database of pre-foreclosure and foreclosure properties, with more than 550,000 properties in more than 1,900 counties across the country, and is the foreclosure data provider to MSN House & Home, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.
While Texas accounted for 12 percent of the nation’s foreclosures — second only to Florida — the Dallas-Fort Worth area shed its status as the city with the highest foreclosure rate among the nation’s top-five metropolitan areas. The metro’s foreclosure rate ranked second-lowest behind Los Angeles and ahead of New York, Philadelphia and Chicago.
“In keeping with a trend we witnessed nationwide this month, the Dallas-Fort Worth area experienced fewer foreclosures in May,” said James J. Saccacio, chief executive officer of RealtyTrac. “This may be a one-month anomaly or the beginning of a trend, depending on what we observe in the coming months.”
The metro area registered a lower foreclosure rate than Houston and San Antonio, both of which had foreclosure rates more than three times the national average. Although Dallas County’s foreclosure rate was above the national average with one foreclosure for every 1,306 households, Tarrant County’s foreclosure rate dipped below the national average with one foreclosure for every 3,514 households.
Nearby Denton County had an even lower rate, with one new property in foreclosure for every 6,002 households. Collin County had one foreclosure for every 3,350 properties. Both counties experienced a decline in the number of new foreclosures recorded. This was a trend repeated in many areas throughout Texas, resulting in a 34 percent decline in new foreclosures statewide.
Nationwide, the number of new properties in foreclosure decreased 2.5 percent in May, with 62,432 compared to 64,057 in April. May’s foreclosure statistics closely mirrored those in March, reversing a slight increase in April and indicating continued stability in the national real estate market.
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:
|District of Columbia 5/2005||0||2||0||0||17||19||25.49|
|New Hampshire 5/2005||0||1||0||0||5||6||4.90|
|New Jersey 5/2005||1954||773||0||0||105||2832||86.27|
|New Mexico 5/2005||1032||306||0||0||71||1409||100.00|
|New York 5/2005||0||0||453||2660||181||3294||61.76|
|North Carolina 5/2005||7||30||0||0||983||1020||49.02|
|North Dakota 5/2005||0||1||0||0||13||14||15.69|
|Rhode Island 5/2005||1||2||0||0||0||3||1.96|
|South Carolina 5/2005||27||8||0||0||486||521||50.98|
|South Dakota 5/2005||0||0||0||0||5||5||8.82|
|West Virginia 5/2005||0||5||0||0||13||18||12.75|
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 AOL, MSN House & Home, Yahoo! Real Estate and HomeGain. For more information, visit www.realtytrac.com.
Atomic Public Relations