Filings Statewide Decrease 32 Percent From November 2007


IRVINE, Calif. – Dec. 29, 2008 – Total foreclosure filings in Texas fell 21 percent  in November to 7,843 properties with foreclosure filings, a 32 percent drop from the level reported in November 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 1.5 million properties from over 2,200 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 November was almost half the level reported at the beginning of the year, and is down significantly from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “While most states showed a decline in home values, Texas actually showed a small increase during the past year, which is not helping to move the influx of properties on the market. Although it remains among the nation’s top 10 in foreclosure activity, the state’s unemployment rate has managed to remain nearly 1 percent below the national average.”


Foreclosure activity in the Lone Star State remained ninth nationwide for November, and was far below the level set by national leader California which reported 60,491 properties with foreclosure filings in November. Texas was also well behind second place Florida, which reported 49,190 properties with foreclosure filings for the month. Michigan climbed from seventh to third highest for the month, documenting 14,594 properties with foreclosure filings. Nevada remained in fourth place, reporting 13,962 properties with foreclosure filings. Arizona fell from third to fifth highest, reporting 13,136 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in November were Ohio, Georgia, Illinois and Virginia.


One in every 1,176 Texas housing units received a foreclosure filing during the month, the 26th highest state foreclosure rate in the nation.


Five counties account for bulk of state foreclosure activity for November

The state’s top five counties accounted for 61 percent of the activity in the state during November. Harris County led the state, reporting 1,650 properties with foreclosure filings for the month. Second highest total was in Dallas County, reporting 1,107 properties with foreclosure filings. Tarrant County was close behind in third place, reporting 910 properties with foreclosure filings. Bexar County came in fourth place, documenting 747 properties with foreclosure filings, followed by Travis County with 377 properties with foreclosure filings.


Kaufman County posts state’s top foreclosure rate for November

With one in every 323 housing units receiving a foreclosure filing — 3.6 times the state average and 1.5 times the national average — Kaufman County reported the highest foreclosure rate in the state for November. Second highest rate was reported in Bastrop County, where one in every 332 housing units received a foreclosure filing — 3.5 times the state average and 1.5 times the national average. Third highest rate was documented in Rockwall County, where one in every 444 housing units received a foreclosure filing during the month — 2.7 times the state average and 1.1 times the national average.


State a large contributor to nation’s foreclosure total in November

Texas accounted for 3 percent of the 259,085 properties with foreclosure filings reported nationwide in November. The national total represented a decrease of more than 7 percent from the previous month but was still 28 percent ahead of the total reported for November 2007. One in every 488 U.S. housing units received a foreclosure filing during the month.


Report methodology

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).




Media Contact:

Michelle Sabolich

Atomic Public Relations



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