Foreclosure Activity Level Down 15 Percent From November 2006
IRVINE, Calif. – Dec. 19, 2007 – Texas reported 11,599 foreclosure filings in November, the fourth highest foreclosure total in the nation. Total foreclosure activity in the state dropped 6 percent from the previous month, and decreased 15 percent from November 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate of one foreclosure filing for every 778 households was ranked 14th highest among the 50 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.
“Since leading the country in foreclosure activity for most of last year, Texas foreclosure filings are down significantly in November,” said James J. Saccacio, chief executive officer of RealtyTrac. “The Texas economy is adding jobs and the state’s median home price is rising. The state’s solid economy and stable home prices are preventing a surge in foreclosures.”
Although ranked fourth in the country for November, foreclosure activity in the Lone Star State lagged far behind national leader California by more than 28,300 foreclosure filings. Second ranked Florida totaled nearly 18,000 more foreclosure filings than Texas. Fifth place Michigan tallied 11,464 foreclosure filings for November. The remaining states in the nation’s top 10 for total foreclosure filings in November were Georgia, Illinois, Nevada, Colorado and New York.
Harris County leads state in foreclosure filings for November
Harris County led the state in total foreclosure activity, reporting 2,642 foreclosure filings for November. Dallas County tallied the second highest foreclosure total, reporting 2,251 foreclosure filings. Tarrant County posted the third highest foreclosure total, with 1,513 foreclosure filings. Bexar County had the fourth highest foreclosure total for the month, with 743 foreclosure filings. Total foreclosure filings in the four top counties accounted for 62 percent of all filings entering some stage of the foreclosure pipeline in the state for the month.
Rockwall County posts state’s highest foreclosure rate
Rockwall County led the state with the highest foreclosure rate, one foreclosure filing for every 166 households — 4.7 times the state average and 3.7 times the national average. Fort Bend County posted the second highest foreclosure rate, one foreclosure filing for every 322 households — 2.4 times the state average. Ellis County reported the third highest foreclosure rate, one foreclosure filing for every 342 households, followed by Kaufman County, which registered one foreclosure filing for every 363 households. Dallas County rounded out the state’s top five with a rate of one foreclosure filing for every 406 households.
State minor contributor to national total
Total foreclosure filings in Texas accounted for nearly 6 percent of the 201,950 foreclosure filings reported nationwide in November. The national total represented a 10 percent decrease from the previous month, but was still 68 percent above the total reported for November 2006. The nation’s foreclosure rate decreased to one foreclosure filing for every 617 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).
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