DALLAS-FORT WORTH RETAINS TOP FORECLOSURE RATE AMONG MAJOR METROS ACCORDING TO REALTYTRAC™ JULY U.S. FORECLOSURE MARKET REPORT
Metro Area Reports Fewer New Foreclosures, But Foreclosure Rates Remain Above National and State Averages; Texas Foreclosures Decline More Than 25 Percent.
Irvine, Calif. – August 25, 2005 – Despite a significant drop-off in new foreclosures, foreclosure rates in Dallas-Fort Worth remained the highest of the nation’s top-five metropolitan areas for the second straight month, according to the RealtyTrac™ July U.S. Foreclosure Market Report.
RealtyTrac Inc. (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 reported 2,392 properties entering some stage of foreclosure in July — a 38.2 percent decline. But the metro area’s foreclosure rates remained higher than foreclosure rates in Los Angeles, New York, Philadelphia and Chicago. All of those cities except Chicago reported fewer foreclosures in July even though foreclosures nationwide rose 4.7 percent.
“Foreclosures in Dallas-Fort Worth and the state of Texas have fluctuated up and down during the past three months, but the net result is that they appear to be trending downward,” said James J. Saccacio, RealtyTrac chief executive officer. “That bucks the trend nationwide, where foreclosures have been increasing the last two months.”
Dallas County reported one new foreclosure for every 570 households thanks to a 31 percent decline in new foreclosures. The county’s foreclosure rate was still more than 2.5 times the national average of one new foreclosure per every 1,465 households and 1.4 times the state average.
New foreclosures dropped 47.4 percent in Tarrant County, which reported 893 properties entering some stage of foreclosure. The county’s foreclosure rate remained more than two times the national average with one foreclosure for every 634 households.
Texas foreclosures declined 25.8 percent in July, although the state recorded the second highest total number of foreclosures of any state with 10,100, which accounted for 12.8 percent of the nation’s total.
Foreclosures also declined sharply in counties near Dallas. After ranking among the 10 counties with the highest county foreclosure rates nationwide in June, Denton County reported 302 new foreclosures — a 52 percent decline. The county’s foreclosure rate was 2.6 times the national average with one foreclosure for every 557 households. Collin County recorded one new foreclosure for every 552 households in July. The number of new foreclosures dropped 39 percent.
The number of properties entering some stage of foreclosure nationwide rose to 78,979 in July, a 4.7 percent increase from June and the most new foreclosures reported in any month year-to-date. New foreclosures have jumped more than 12 percent in the last two months, pushing the nation’s foreclosure rate to one foreclosure for every 1,465 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:
|District of Columbia 7/2005||0||6||0||0||17||23||13.73|
|New Hampshire 7/2005||0||12||0||0||12||24||9.80|
|New Jersey 7/2005||1274||655||0||0||63||1992||68.63|
|New Mexico 7/2005||260||133||0||0||100||493||70.59|
|New York 7/2005||0||0||1058||2018||91||3167||53.92|
|North Carolina 7/2005||24||364||0||0||1060||1448||53.92|
|North Dakota 7/2005||0||0||0||0||7||7||4.90|
|Rhode Island 7/2005||0||7||0||0||0||7||1.96|
|South Carolina 7/2005||41||179||0||0||415||635||48.04|
|South Dakota 7/2005||2||3||0||0||10||15||11.76|
|West Virginia 7/2005||0||222||0||0||27||249||39.22|
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