TEXAS FORECLOSURE ACTIVITY DOWN 16 PERCENT IN OCTOBER

ACCORDING TO REALTYTRAC® U.S. FORECLOSURE MARKET REPORT

 

Activity Level Up 26 Percent From September 2006

 

IRVINE, Calif. – Nov. 26, 2007 – Texas reported 12,288 foreclosure filings in October, the fifth highest foreclosure total in the nation. Total foreclosure activity in the state dropped 16 percent from September but was still 26 percent above the total filings reported for October 2006, 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.

 

“Since leading the country in total foreclosure activity for most of 2006, Texas continues to come back strong in 2007 as activity is down significantly over the past 10 months and up only slightly from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment is down below the national average, plus home prices are maintaining at a good positive level. Both factors taken together are part of the reason foreclosures around the state are continuing their downward trend this year.

 

Although ranked fifth in the country for October, foreclosure activity in the Lone Star State lagged far behind national leader California by about 38,000 foreclosure filings. Second ranked Florida totaled nearly 18,000 more foreclosure filings than Texas, while third place Ohio tallied roughly 5,000 more filings for the month. Fourth place Michigan had about 1,100 more filings than Texas entering some stage of the foreclosure pipeline for the month. The remaining states in the nation’s top 10 for total foreclosure filings in October were Georgia, Illinois, Nevada, New York and Arizona.

 

The state’s foreclosure rate of one foreclosure filing for every 735 households was ranked 15th among the 50 states.

 

Harris County leads state in foreclosure filings for October

Harris County led the state in total foreclosure activity, reporting 3,032 foreclosure filings for October. Dallas County tallied the second highest foreclosure total, reporting 2,300 foreclosure filings. Third highest foreclosure total was reported by Tarrant County with 1,621 foreclosure filings. Bexar County had the fourth highest total for the month with 1,023 foreclosure filings. Total foreclosure filings in the four top counties accounted for 65 percent of all filings entering some stage of the foreclosure pipeline in the state for the month.

 

Bastrop County posts state’s highest foreclosure rate for the month

With one foreclosure filing for every 261 households — 2.8 times the state average and 2.1 times the national average, Bastrop County led the state with the highest foreclosure rate for October. Fort Bend County came in second with a rate of one foreclosure filing for every 294 households — 2.5 times the state average and 1.9 times the national average. Third highest rate was posted by Kaufman County with one foreclosure filing for every 313 households — 2.4 times the state average and 1.8 times the national average. Ellis County had the fourth highest rate, one foreclosure filing for every 361 households, and Rockwall County rounded out the state’s top five with a rate of one foreclosure filing for every 362 households.

 

State a significant contributor to nation’s total for the month

Total filings in Texas accounted for 5 percent of the 224,451 foreclosure filings reported nationwide in October. The national total represents a 2 percent increase from the previous month, and is 94 percent above the total reported for October 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 555 U.S. households for 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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