DALLAS-FORT WORTH FORECLOSURES RETURN TO HIGHER LEVELS ACCORDING TO REALTYTRAC™ OCTOBER U.S. FORECLOSURE MARKET REPORT
Spiking October Foreclosures Offset Low September Numbers; Metro Area Posts Highest Foreclosure Rates of Top Five Metros For Fifth Straight Month.
Irvine, Calif. – Novemeber 28, 2005 – The Dallas-Fort Worth metropolitan area reported 6,387 properties entering some stage of foreclosure in October, more than triple the lower-than-normal numbers reported in September and the most new foreclosures reported in any month so far this year, according to the RealtyTrac™ U.S. Foreclosure Market Report.
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 a foreclosure rate of one foreclosure for every 222 households, more than six times the national average and higher than the foreclosure rates in Los Angeles, New York, Philadelphia and Chicago. October was the fifth consecutive month that the metro area’s foreclosure rate ranked highest among the nation’s five largest metropolitan areas.
“Part of the increase can be attributed to a statistical anomaly that we anticipated when we saw a lower-than-expected number of Dallas foreclosures in September. A number of properties that actually entered the foreclosure process in September were recorded too late to be included in that month’s totals and showed up in October’s report,” said James J. Saccacio, RealtyTrac chief executive officer. “Even allowing for that, new foreclosures in Dallas-Fort Worth have moved significantly higher over the past couple months.”
Although both Dallas and Tarrant counties reported rising foreclosures in October, Dallas County experienced the more dramatic increase. The county reported a total of 3,785 new foreclosures in October, a rate of one foreclosure for every 226 households. Tarrant County reported a slightly higher foreclosure rate — one foreclosure for every 217 households — and a total of 2,602 new foreclosures.
Foreclosures also rose dramatically in Collin and Denton counties, both of which reported more than 800 properties entering some stage of foreclosure in October. Collin County recorded one foreclosure for every 232 households, more than six times the national average. Denton County’s foreclosure rate was more than seven times the national average, with one foreclosure for every 201 households.
Due in part to the influx of foreclosures in the Dallas-Fort Worth area, Texas foreclosures increased 68 percent in October, with 16,386 properties entering some stage of foreclosure. With one foreclosure for every 492 households, the state registered a foreclosure rate 2.9 times the national average. Seven Texas counties — including Dallas, Tarrant, Collin and Denton — ranked among the 10 U.S. counties with the highest foreclosure rates in October.
Texas foreclosures accounted for one in every five in the U.S in October. Nationwide, a total of 81,382 properties entered some stage of foreclosure — nearly a 19 percent increase from the previous month and the most foreclosures reported in any month year-to-date.
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