TEXAS FORECLOSURE ACTIVITY DOWN 6 PERCENT IN JULY

Foreclosure Activity Decreases 17 Percent From July 2007

 

IRVINE, Calif. – Aug. 29, 2008 – Texas reported 10,354 properties with foreclosure filings in July, a 6 percent decline in foreclosure activity from the previous month and 17 percent below the level reported for July 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The report also shows that one in every 891 Texas households received a foreclosure filing during the month, the 22nd highest foreclosure rate among the 50 states.

 

 

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.

 

Texas has made significant progress in bringing down foreclosure activity since the beginning of the year and from this time last year, but the state is not out of the woods yet, said James J. Saccacio, chief executive officer of RealtyTrac. “The good news is that unemployment is down, which helps when it comes to paying the mortgage. Still, home sales volume and home prices are down from a year ago, meaning that homeowners who are in distress are still having a tough time selling when faced with foreclosure.”

 

The Lone Star State ranked sixth highest total foreclosure filings for the month, but was still well below national leader California, which reported 72,285 properties with foreclosure filings in July. Florida remained in second place, reporting 45,884 properties with foreclosure filings. Ohio kept its position in third place by a narrow margin, reporting 13,457 properties with foreclosure filings for the month. Arizona was in fourth place, reporting 13,350 properties with foreclosure filings. Michigan ranked fifth highest, reporting 11,591 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in July were Georgia, Nevada, Illinois and New York.

 

Five counties dominate state foreclosure activity in July

Five Texas counties accounted for 61 percent of all foreclosure activity in the state for July. Reporting 2,762 properties with foreclosure filings, Harris County had the state’s highest total for the month. Dallas County came in second, reporting 1,500 properties with foreclosure filings, followed by third place Tarrant County, which reported 965 properties with foreclosure filings. Bexar County reported 687 properties with foreclosure filings, the fourth highest total for July, and Collin County coming in fifth, reporting 438 properties with foreclosure filings for the month.

 

Highest foreclosure rate for July reported in Loving County

One in every 73 households received a foreclosure filing in Loving County during July, the top county foreclosure rate in the state for the month — 12.2 times the state average and 6.4 times the national average. Hood County reported the second highest rate in the state, with one in every 203 households receiving a foreclosure filing — 4.4 times the state average and 2.3 times the national average. Third highest county rate was posted by Rockwall County, where one in every 369 households received a foreclosure filing during the month — 2.4 times the state average and 1.3 times the national average.

 

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

Texas accounted for 4 percent of the 272,171 properties with foreclosure filings reported nationwide in July. The national total represents an increase of almost 8 percent from the previous month and is 55 percent ahead of the total reported for July 2007. One in every 464 U.S. households 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).

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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