TEXAS FORECLOSURE ACTIVITY DOWN 15 PERCENT IN SEPTEMBER

Statewide Foreclosure Filings Down 37 Percent From September 2007

 

IRVINE, Calif. – Oct. 27, 2008 – Texas reported 9,193 properties with foreclosure filings in September, down 15 percent from the previous month, and 37 percent below the level reported for September 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

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.

 

“Foreclosure activity in Texas for September was the lowest it’s been on a monthly basis so far this year and is down substantially from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although up more than half a percent this year to 5.1 percent in September, unemployment is still far below the national average, which is helping to stem the flow of foreclosure activity in the Lone Star state.”

The Lone Star State’s foreclosure total ranked ninth nationally in September, well overshadowed by national leader California, which reported 69,548 properties with foreclosure filings for the month. The state total also fell far short of second place Florida, which reported 47,956 properties with foreclosure filings for the month. Nevada moved up to third highest total, reporting 13,022 properties with foreclosure filings. Arizona dropped down one notch to fourth highest, documenting 12,982 properties with foreclosure filings. Ohio ranked fifth, reporting 11,470 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in September were Michigan, Illinois, Georgia and New Jersey.

 

One in every 1,003 Texas households received a foreclosure filing during the month, well below the national average, and ranking the state 24th among the 50 states in terms of foreclosure rate for the month.

 

Harris County leads state in total foreclosure activity for September

Harris County led the state in foreclosure activity in September, reporting 2,517 properties with foreclosure filings. Dallas County registered the second highest foreclosure total, reporting 1,173 properties with foreclosure filings. Third place Tarrant County reported 935 properties with foreclosure filings. Bexar County came in fourth highest, reporting 657 properties with foreclosure filings. Denton County registered the fifth highest foreclosure total, reporting 338 properties with foreclosure filings in September. Overall, the top five counties accounted for 61 percent of all foreclosure activity in the state for the month.

 

Hill County posts state’s highest foreclosure rate for September

With one in every 251 households receiving a foreclosure filing — four times the state average and 1.9 times the national average — Hill County posted the highest foreclosure rate in Texas for September. Kaufman County documented the state’s second highest rate, with one in every 269 households receiving a foreclosure filing — 3.7 times the state average and 1.8 times the national average. The third highest foreclosure rate was reported in Johnson County, where one in every 400 households received a foreclosure filing — 2.5 times the state average and 1.2 times the national average.

 

State a major contributor to nation’s foreclosure total in September

Texas accounted for 3 percent of the 265,968 properties with foreclosure filings reported nationwide in September. The national total represents a decrease of more than 12 percent from the previous month but is still 21 percent ahead of the total reported for September 2007. The nation’s foreclosure rate decreased to one in every 475 U.S. households receiving a foreclosure filing during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

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).

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

 

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