DALLAS-FORT WORTH FORECLOSURE RATES DROP SLIGHTLY ACCORDING TO REALTYTRAC™ AUGUST U.S. FORECLOSURE MARKET REPORT
Metro’s Foreclosure Rates Remain Higher Than Other Major Metro Areas; Texas Foreclosures Increase 33 Percent
Irvine, Calif. – October 3, 2005 – The number of foreclosures reported in the Dallas-Fort Worth metro area were slightly lower in August, but remained highest among the nation’s five largest metropolitan areas, according to the RealtyTrac™ August U.S. Foreclosure Market Report. August marks the third consecutive month that Dallas-Fort Worth’s foreclosure rate ranked highest among the top-five metro areas.
RealtyTrac 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 2,340 properties entering some stage of foreclosure or foreclosed on in August – a 2.2-percent decline. But the metro area’s foreclosure rates remained higher than foreclosure rates in Los Angeles, New York, Philadelphia and Chicago, even though all those cities reported increased foreclosures in August.
“Dallas-Fort Worth foreclosure rates stabilized in August,” said James J. Saccacio, RealtyTrac chief executive officer. “It’s interesting that the metro area’s rates dropped while the rest of the state’s rates increased, as did all four of the other metro areas that we measure.”
Dallas County foreclosures increased 6.1 percent, with 1,591 properties entering some stage of foreclosure or being foreclosed on in August. With one foreclosure for every 537 households, the county’s foreclosure rate was 2.9 times the national average and slightly above the state average.
With one foreclosure recorded for every 755 households, Tarrant County’s foreclosure rate was below the state average but still more than two times the national average. The county reported 749 properties entering some stage of foreclosure or foreclosed on – a 16 percent drop from the previous month.
Foreclosures dipped slightly in Collin and Denton counties. Collin County reported 342 foreclosures in August, 11 fewer than the previous month and one for every 570 households. Denton County documented one foreclosure for every 566 households, and the number of properties entering foreclosure or foreclosed on decreased by five to 297. Both counties registered foreclosure rates slightly above the state average.
The state of Texas recorded one foreclosure for every 599 households, 2.6 times the national average. With 13,453 properties entering some stage of foreclosure or foreclosed on — a 33 percent increase — Texas replaced Florida as the state with the most foreclosures reported and accounted for 17.8 percent of the nation’s total foreclosures.
Foreclosures nationwide dropped 4.3 percent in August after two consecutive months of increases. Still, August’s foreclosure numbers were higher than any other month except for July. A total of 75,599 properties entered some stage of foreclosure or were foreclosed on – one for every 1,530 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:
|District of Columbia 8/2005||0||0||0||0||12||12||17.65|
|New Hampshire 8/2005||1||0||0||0||22||23||15.69|
|New Jersey 8/2005||613||794||0||0||131||1538||60.78|
|New Mexico 8/2005||878||4||0||0||46||928||90.20|
|New York 8/2005||0||0||606||2683||135||3424||58.82|
|North Carolina 8/2005||130||81||0||0||898||1109||50.98|
|North Dakota 8/2005||0||1||0||0||4||5||7.84|
|Rhode Island 8/2005||0||1||0||0||0||1||1.96|
|South Carolina 8/2005||41||12||0||0||305||358||45.10|
|South Dakota 8/2005||1||15||0||0||4||20||25.49|
|West Virginia 8/2005||0||71||0||0||3||74||29.41|
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