Texas Foreclosure Activity Falls in May

Statewide foreclosure filings down 15 percent from April

 

Foreclosure activity in Texas fell 15 percent in May to 11,137 properties with foreclosure filings. This latest state total still represents a 13 percent increase from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure filings were down in Texas in May, though the Lone Star State reported higher activity compared to the same time period last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Despite hopes that the state’s job market would improve somewhat by now, joblessness in Texas continued to hover just above 8 percent as in previous months.”

 

The state’s foreclosure rate ranked 29th in the nation, as one in every 862 Texas housing units received a foreclosure filing during the month.

 

California maintained the nation’s top foreclosure total with 72,030 properties with foreclosure filings. Florida remained secure in second place, reporting 50,685 properties with foreclosure filings, followed by third place Michigan, documenting 20,322 properties with foreclosure filings for the month. Arizona moved up to fourth highest, reporting 16,097 properties with foreclosure filings. Illinois dropped one spot to fifth highest state total, tallying 15,061 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure activity in May were Nevada (14,346), Georgia (13,778), Ohio (10,379) and New Jersey (7,993). In all, the top 10 accounted for 72 percent of all foreclosure filings in the nation for May.

 

Kaufman County led the state in foreclosure rate for May

Kaufman County posted the highest foreclosure rate in Texas for May, with one in every 328 housing units receiving a foreclosure filing — 2.6 times the state average. Bastrop County came in second, with one in every 364 housing units receiving a foreclosure filing — 2.4 times the state average. Rockwall County had the third highest foreclosure rate in Texas, with one in every 425 housing units receiving a foreclosure filing — twice the state average. Johnson County had the fourth highest foreclosure rate in May, with one in every 432 housing units receiving a foreclosure filing — twice the state average.

 

Harris County tops in foreclosure total for May

Harris County led the state, reporting 2,405 properties with foreclosure filings for the month. Dallas County was in second, documenting 1,573 properties with foreclosure filings. Reporting 1,141 properties with foreclosure filings for the month, Tarrant County held the third highest total. Bexar County was fourth highest, reporting 770 properties with foreclosure filings.

 

State the eighth largest contributor to nation’s monthly foreclosure total in May

Texas accounted for 3 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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.

 

 

Texas Top Foreclosure Rates By County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Texas

15

0

6,274

0

4,848

11,137

862

0.46

n/a

 

 

 

 

 

 

 

 

 

 

Kaufman

0

0

58

0

39

97

328

1.22

2.63

Bastrop

1

0

33

0

35

69

364

1.10

2.37

Rockwall

0

0

32

0

29

61

425

0.94

2.03

Johnson

0

0

55

0

70

125

432

0.93

2.00

Williamson

2

0

181

0

107

290

472

0.85

1.83

 

 

Texas Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Texas

15

0

6,274

0

4,848

11,137

862

-15.20

13.49

 

 

 

 

 

 

 

 

 

 

Harris

0

0

1,495

0

910

2,405

658

-12.19

-3.18

Dallas

0

0

969

0

604

1,573

601

-6.15

13.66

Tarrant

0

0

742

0

399

1,141

600

-18.79

-5.70

Bexar

0

0

495

0

275

770

795

-23.31

-0.39

Collin

0

0

311

0

282

593

483

-0.17

28.35

 

 

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