DALLAS-FORT WORTH FORECLOSURES DECREASE 24 PERCENT ACCORDING TO REALTYTRAC™ FEBRUARY U.S. FORECLOSURE MARKET REPORT
Area’s Foreclosure Rate Still Highest Among Nation’s Five Largest Metros. Texas Foreclosures Down 18 Percent.
Irvine, Calif. – March 22, 2006 – Foreclosure filings dropped 24 percent in the Dallas-Fort Worth region in February, but the area still documented the highest foreclosure rate among the nation’s five largest metropolitan areas, according to the RealtyTrac™ February 2006 U.S. Foreclosure Market Report. The 14-county metropolitan area reported 6,635 properties entering some stage of foreclosure and a foreclosure rate of one new foreclosure for every 309 households.
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, AOL Real Estate and Knight Ridder Online.
“Despite fewer foreclosures in February, Dallas-Fort Worth’s foreclosure rate is still more than three times the national average,” said James J. Saccacio, chief executive officer of RealtyTrac. “But it’s a positive sign for the local housing market that new foreclosure filings backed down from the spike we saw in January.”
Dallas County reported 2,921 properties entering some stage of foreclosure in February, a 30 percent decrease from the previous month and a foreclosure rate of one new foreclosure for every 292 households. New foreclosures decreased 12 percent in Tarrant County, where 1,921 properties entered some stage of foreclosure, a foreclosure rate of one new foreclosure for every 294 households.
Denton County foreclosure filings decreased 22 percent in February, but the county’s foreclosure rate of one new foreclosure for every 244 households was four times the national average. Collin County foreclosures also dropped 22 percent in February, with a total of 657 properties entering some stage of foreclosure, but the county’s foreclosure rate of one foreclosure for every 296 households stayed above state and national averages.
Most other counties in the Dallas metropolitan area also reported fewer new foreclosures in February. The only two exceptions were Parker County, which reported a 24 percent increase with 87 new foreclosures, and Rockwall County, which reported 109 new foreclosures — exactly the same number as the previous month. With one new foreclosure for every 140 households, Rockwall County registered the highest county foreclosure rate in the metropolitan area
With 13,616 properties entering some stage of foreclosure in February, Texas reported the most new foreclosures of any state for the third month in a row even though foreclosures decreased 7 percent from the previous month. The state’s foreclosure rate of one new foreclosure for every 591 households was eighth highest among the states and 1.7 times the national average.
A total of 117,259 U.S. properties entered some stage of foreclosure in February, a 13 percent increase from the previous month and a 68 percent increase from February 2005. The nation registered a foreclosure rate of one new foreclosure for every 986 households.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides 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 repurchased by a bank).
Below are foreclosure market statistics nationwide and by state:
1 in every #households
|%Change prev. month|
|District of Columbia||0||2||0||0||5||7||39,264||0|
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