DALLAS-FORT WORTH REGAINS TOP FORECLOSURE RATES AMONG MAJOR METROS ACCORDING TO REALTYTRAC™ JUNE U.S. FORECLOSURE MARKET REPORT
Texas Accounts for 18.9 Percent of Nation’s Foreclosures, Posts Highest Foreclosure Rates in the Country
Real Estate Connect™ San Francisco, Calif. – July 27, 2005 – Dallas-Fort Worth reclaimed the highest foreclosure rate among the nation’s top-five metropolitan areas with 3,771 new foreclosures reported in June, and Texas posted the highest foreclosure rate among the states, according to the RealtyTrac Monthly U.S. Foreclosure Market Report™.
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 exclusive foreclosure data provider to MSN House & Home, Yahoo! Real Estate, AOL Real Estate and HomeGain.com.
Dallas-Fort Worth had experienced a significant dip in the number of new foreclosure in May, allowing the metro area to post a lower foreclosure rate than three of the top five metropolitan areas. But with one new foreclosure for ever 405 households in Dallas County in June, the foreclosure rate returned to its top spot over the foreclosure rates in Philadelphia, Chicago, New York and Los Angeles.
“Dallas-Fort Worth’s foreclosure numbers in June more closely match those from two months ago, indicating the low May numbers could have been a one-month anomaly,” said James J. Saccacio, RealtyTrac chief executive officer. “Still, the June numbers are not quite as high as in April, which could be a sign of a slight downward trend.”
Dallas and Tarrant counties combined posted 681 fewer new foreclosures in June than in April, a 15 percent decrease. But the new foreclosures in June represented an increase of 2,956 over May, enough to push both counties’ foreclosure rate above state and national averages. The rate in Dallas County was 4.3 times the national rate and 1.6 times the state average. The rate in Tarrant County was even higher, with one foreclosure for every 341 households — more than 5 times the national rate and 1.9 times the state average.
With one new foreclosure for every 267 households, nearby Denton County’s foreclosure rate was among the ten highest county rates in the nation. Collin County reported a foreclosure rate similar to Tarrant County, with one foreclosure for every 349 households.
The metro area posted a higher foreclosure rate than Houston or San Antonio, although both those cities’ rates also came in higher than the state average. Texas accounted for 18.9 percent of the nation’s new foreclosures in June, more than any other state. The state’s foreclosure rate was 2.7 times the national rate, with one foreclosure for every 635 households.
The number of properties entering foreclosure nationwide increased to 67,024 in June compared to 62,432 in May. That was the highest number of new foreclosures reported in any one month in 2005 and caused a 7.4 percent increase in the nation’s foreclosure rate, with one new foreclosure for every 1,726 households.
RealtyTrac’s June report also includes new foreclosure data in Dallas-Fort Worth and 73 previously unreported counties, although the new data is not used for the month-to-month comparisons. The new data showed 101 additional foreclosure properties in Dallas-Fort Worth, but did not change the ranking of the metro area’s foreclosure rate in comparison to the top-five metropolitan areas. Nationwide the new data included 8,417 properties entering foreclosure in June, bringing the nationwide total to 75,441.
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 6/2005||0||4||0||0||28||32||29.41|
|New Hampshire 6/2005||0||7||0||0||6||13||9.80|
|New Jersey 6/2005||1699||1400||0||0||97||3196||89.22|
|New Mexico 6/2005||270||24||0||0||76||370||64.71|
|New York 6/2005||0||0||622||2223||69||2914||51.96|
|North Carolina 6/2005||19||207||0||0||1233||1459||56.86|
|North Dakota 6/2005||0||2||0||0||17||19||12.75|
|Rhode Island 6/2005||1||5||0||0||0||6||5.88|
|South Carolina 6/2005||55||73||0||0||532||660||51.96|
|South Dakota 6/2005||0||2||0||0||2||4||5.88|
|West Virginia 6/2005||0||41||0||0||21||62||15.69|
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 AOL, MSN House & Home, Yahoo! Real Estate and HomeGain. For more information, visit www.realtytrac.com.
Atomic Public Relations