DALLAS-FORT WORTH FORECLOSURES DOWN FROM 2005 HIGH ACCORDING TO REALTYTRAC™ NOVEMBER U.S. FORECLOSURE MARKET REPORT
Area’s Foreclosure Rates Remain Highest Among Nation’s Top Five Metros Despite 60 Percent Drop In Foreclosures; Texas Foreclosures Decrease 52 Percent
Irvine, Calif. – December 19, 2005 – Dallas-Fort Worth foreclosures decreased 60 percent in November after reaching their highest level of the year in the previous month, according to the RealtyTrac™ November 2005 U.S. Foreclosure Market Report. Even with the decrease, the metro area posted the highest foreclosure rate among the nation’s five largest metropolitan areas for the sixth month in a row.
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 a total of 2,561 properties entering some stage of foreclosure in November. The metro area’s foreclosure rate of one foreclosure for every 554 households was close to three times the national average and higher than the foreclosure rates in Los Angeles, New York, Philadelphia and Chicago.
“Dallas-Fort Worth foreclosures retreated from their high for the year in October, but the November numbers are consistent with, and in many cases higher than, those reported in other months this year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The area’s foreclosure rates are still above state and national averages and will continue to be unless foreclosures keep dropping in the coming months.”
Dallas County reported 1,442 properties entering some stage of foreclosure in November. With one foreclosure for every 592 households, the county’s foreclosure rate was 2.7 times the national average and 1.7 times the state average. Tarrant County’s foreclosure rate was even higher, with one foreclosure for every 506 households. The county reported a total of 1,119 properties entering some stage of foreclosure in November.
With one foreclosure for every 447 households, Collin County’s foreclosure rate was 3.6 times the national average. The county reported 436 properties entering some stage of foreclosure in November, a 48 percent decrease. Denton County documented a foreclosure rate below state and national averages thanks to a 94 percent drop in foreclosures. The county reported a total of 51 properties entering some stage of foreclosure in November.
The foreclosure rate in Texas ranked out of the five highest state foreclosure rates for the first time since July thanks to a 52 percent drop in foreclosures. The state reported a total of 7,912 properties entering some stage of foreclosure, the second most foreclosures reported by any state. With one foreclosure for every 1,017 households, the state’s foreclosure rate was 1.6 times the national average.
Nationwide, 71,606 properties entered some stage of foreclosure in November, a 12 percent decrease and a foreclosure rate of one foreclosure for every 1,615 U.S. 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:
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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