State Filings Down 16 Percent From March 2007
IRVINE, Calif. – April 30, 2008 – Foreclosure filings were reported on 10,700 Texas properties in March, down 13 percent from the previous month and a 16 percent decline from the level reported for March 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 862 Texas households received a foreclosure filing during the month, well below the national average and ranking No. 20 among the states.
RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.
“This second straight monthly decline takes foreclosure activity in Texas back down to a level not seen since June 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “Two factors contributing to this trend are job creation — especially in the high-tech sector — and continuing home price appreciation.”
Activity in the Lone Star State was well below the total documented by national leader California, which reported 64,711 properties with foreclosure filings in March. Second place Florida also far outdistanced Texas, reporting 30,254 properties with foreclosure filings for the month. Ohio had the third highest total, reporting 11,273 properties with foreclosure filings, followed closely by fourth place Georgia, which reported 11,047 properties with foreclosure filings. The remaining states in the nation’s top 10 for total foreclosure filings in March were Michigan, Arizona, Illinois, Nevada and Colorado.
Five counties account for bulk of state’s foreclosure activity
Five Texas counties accounted for 64 percent of all foreclosure filings in the state for March. Harris County led the state, reporting 2,758 properties with foreclosure filings for the month. Dallas County came in second, documenting 1,790 properties with foreclosure filings. Tarrant County reported the third highest total — 1,221 properties with foreclosure filings. Fourth highest total was documented in Bexar County, where 661 properties with foreclosure filings were reported. Collin County was fifth highest in the state, reporting 463 properties with foreclosure filings.
Fort Bend County posts state’s top foreclosure rate for March
Fort Bend County tallied the highest county foreclosure rate in the state in March, with one in every 353 households receiving a foreclosure filing for the month — 2.4 times the state average and 1.5 times the national average. Ellis County posted the state’s second highest rate, with one in every 368 households receiving a foreclosure filing during the month — also 2.4 times the state average and 1.5 times the national average. The third highest rate in the state was reported in Rockwall County, where one in every 429 households received a foreclosure filing in March — twice the state average and 1.3 times the national average.
State makes a significant contribution to nation’s total in March
Total filings in Texas accounted for nearly 5 percent of the 234,685 properties with foreclosure filings reported nationwide in March. The national total represents a 5 percent increase from the previous month and is 57 percent ahead of the total reported for March 2007. One in every 538 U.S. households received a foreclosure filing during the month.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — 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). If more than one foreclosure document is filed against a property during the month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.
For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.
About RealtyTrac Inc.
Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, 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, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).
Atomic Public Relations