DALLAS-FORT WORTH FORECLOSURES DOWN FOR SECOND STRAIGHT MONTH ACCORDING TO REALTYTRAC™ DECEMBER U.S. FORECLOSURE MARKET REPORT
Dallas Foreclosure Rates Highest of Top Five U.S. Metros Despite 16 Percent DropTexas Foreclosures Up 61 Percent
Irvine, Calif. – January 12, 2006 – Dallas-Fort Worth foreclosures decreased 16 percent in December, the second straight month the area has reported fewer foreclosures, according to the RealtyTrac™ December 2005 U.S. Foreclosure Market Report. Even with the decrease, the metro area posted the highest foreclosure rates among the nation’s five largest metropolitan areas for the seventh month in a row.
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.
“It’s interesting that Dallas-Fort Worth foreclosures dropped significantly in a month where national foreclosures rose by over 13 percent and Texas foreclosures rose by 61 percent,” said James J. Saccacio, chief executive officer of RealtyTrac. “But even after two consecutive months of lower foreclosures, the Dallas-Fort Worth foreclosure rates are still higher than other major metro areas.”
Dallas and Tarrant counties together recorded a total of 2,159 properties entering some stage of foreclosure in December. The metro area’s foreclosure rate of one foreclosure for every 658 households was more than two times the national average and higher than the foreclosure rates in New York, Los Angeles, Chicago and Philadelphia.
With one foreclosure for every 588 households, Tarrant County documented a higher foreclosure rate than Dallas County. The county recorded 962 properties entering some stage of foreclosure in December, a 14 percent decrease from the previous month. Dallas County recorded 1,197 properties entering some stage of foreclosure, a 17 percent decrease and one foreclosure for every 714 households.
Collin County recorded 441 properties entering some stage of foreclosure in December, a 1 percent increase, and the county’s foreclosure rate was more than three times the national average. The foreclosure rate in Denton County leaped above national and state averages thanks to increasing foreclosures.
Texas recorded a total of 12,753 properties entering some stage of foreclosure in December, a 61 percent increase and one foreclosure for every 631 households. The state’s foreclosure rate was more than 2 times the national average.
Nationwide, 81,290 properties entered some stage of foreclosure in December, a 13.5 percent increase from the previous month and a foreclosure rate of one new foreclosure for every 1,422 U.S. households. December’s national foreclosure rate was the highest reported in 2005, matching the national foreclosure rate reported in October.
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